The British pound stabilized in early Asia trading on Tuesday, bringing a reprieve for the battered currency after recent sharp declines in the wake of the U.K. Gbp usd pair is trading at 1.3288 with gains for the day. On chart, price trend and momentum both are bearish and pound is trading at record lows. GBP/USD fell sharply on Monday touching down to fresh 31-year lows, S&P lowered the U.K.’s credit rating, placing further downward pressure. For intraday pound dollar outlook is bearish and below 1.3320 expect new low for pair. Both the GBP/USD and the EUR/USD pairs are attempting to recover some lost ground on Tuesday and are trading back above 1.3300 and 1.1000 levels. On upside, 13320 and then 1.3410 are strong intraday resistances while on downside 1.3235 and then 1.31 are support zones as well as target zones. The financial fallout from Brexit has battered global shares and the pound as investors took fright at the prospect of weaker global growth.
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