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GBP/USD is under pressure and extends its downside movement due to the decision by UK voters to exit the European Union. The pair has been capped by 20-period and 50-period moving averages and remains on the downside. At the same time, both the 20-period and 50-period moving averages are heading downward. Besides, the relative strength index is bearish below its neutrality area at 50 and calls for further downside. To conclude, the first target to the downside is set at 1.3230. A break below this level would open the way to further weakness toward 1.3155.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 1.3230. A break below this target will move the pair further downwards to 1.3155. The pivot point stands at 1.3790. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 1.4 and the second one at 1.41.
Resistance levels: 1.400, 1.4100, 1.4300
Support levels: 1.3230, 1.3155, 1.31
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