While Brexit is still putting pressure on GBP, British Minister for Labour Affairs and Pensions resigned from his position and this event will definitely influence GBP as well. Due to the CBI report, the Britain’s exit from EU will increase the unemployment rate. Now GBPUSD is fluctuating around the support level at 1.4160 and the break of this level shows that the corrective rebound has completed. On the other hand, the break of 1.45111 may lead the price up but it will eventually fall back with resistance at 1.4667 which is now at 1.4240. Considering previous price movement, the fall from 1.7190 indicates more declines even to 1.3503. Furthermore, MACD is in a negative territory signaling the price fall. Sellers can enjoy the price decrease with new support at 1.4080.
Technical analysis of GBPUSD dated 23.03.2016
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