FxWirePro: GBP/USD Gains Some Upside Momentum But Still Bearish
- The GBP/USD pair fell as low as 1.4090 during the European afternoon, however the pair found some upside momentum following BOE's 9-0 vote to keep interest at record low of 0.50 percent.
- The ongoing weakness is set to continue for this pair as the resistance level at 1.4261 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
- To the upside, the strong resistance can be seen at 1.4200, a break above this level would expose the cable to next resistance level at 1.4261.
- To the downside immediate support can be seen at 1.4100, a break below at this level will open the door towards next level at 1.4088. Resistance Levels R1: 1.4180 (50% Retracement level) R2: 1.4200 (Psychological levels) R3: 1.4261 (38.2% Retracement level) Support Levels S1: 1.4100 (61.8% Retracement level) S2: 1.4088 (Daily lows) S3: 1.4040 (April 8th lows)
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