- The GBP/USD has resumed its bearish trend, as the sterling was back under bearish pressure after European stock markets declined.
- The pair is all set to move in quick succession towards 1.4000 levels in the near term, as the concerns over Brexit from Europe union and fading expectations for higher UK interest rates is set to weigh on the currency pair.
- Currently the cable is trading round 1.4180 levels, it is set to decline further towards 1.4100 later towards 1.4000 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4288, a break above this level would expose to cable to next resistance level at 1.4345.
- To the downside immediate support can be seen at 1.4144, a break below at this level will open the door towards next level at 1.4098.Resistance LevelsR1: 1.4242 (50 % Retracement Level)R2: 1.4288 (Daily high)R3: 1.4345 (61.8 % Retracement Level)Support LevelsS1: 1.4144 (38.2% Retracement Level)S2: 1.4098 (March 4th lows)S3: 1.4015 (23.6% Retracement Level)
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