Earlier on Tuesday, the GBP/USD pair spiked after the latest ORB poll on the EU referendum vote on June 23 revealed a lead for respondents favoring to remain in the EU. According to the poll results, support for 'Remain' camp reached 51% while 'Leave' count reached 46%.
The pair, however, reversed sharply from higher level and accelerated the downward momentum on possibilities of stops getting triggered below 1.4600 handle.
The pair also seems to take cues from a sharp reversal witnessed in the EUR/GBP cross that continues to attract fresh bids around near 3-month lows support near 0.7270-65 region. Traders now await for the release of the flash version of Euro-zone CPI, which would affect sentiment surrounding the EUR/GBP cross and eventually trigger additional volatility in the GBP/USD major.
From a technical perspective, repeated failures to sustain its strength above 1.4700-20 strong resistance and a subsequent drop below Monday's low now seems to have opened room for a near-term corrective move.
Technical levels to watch
On a sustained trade below 1.4600-1.4580 support now seems to extend the near-term corrective move towards a short-term ascending trend-channel support, currently near 1.4480-75 area with intermediate support near 1.4535-30 area.
Meanwhile on the upside, the pair needs to build on to its momentum above 1.4635-40 resistance in order to make a fresh attempt capture 1.4700 handle decisively.
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