The pair continues trading in a downward trend having lost around 2% of the value since the beginning of the year.
The Pound is substantially pressured by the possibility of a British exit from the European Union. The pressure was magnified because of the statements by the number of UK’s politicians who supported the decision to leave the EU. Current situation is likely to last until 23 June when the referendum on the matter is due in the UK.
In addition, the pair is pressured by significantly lowered probability of tightening in the UK due to weak macroeconomic statistics that come out in the country lately.
Support and resistance
The nearest is at 1.3876.
The nearest is at 1.4059.
Short positions can be opened from the level of 1.4059 with the target at 1.3876 and stop-loss at 1.4100.