FxWirePro: GBP/USD holds above 1.2000 but upside is limited
GBP/USD declined on Monday as sterling was weighted down on fears that Prime Minister Theresa May will say on Tuesday that Britain is set for a "hard" Brexit out of the EU and its single market. May has said she will tri…
GBP/USD declined on Monday as sterling was weighted down on fears that Prime Minister Theresa May will say on Tuesday that Britain is set for a "hard" Brexit out of the EU and its single market.
May has said she will trigger Article 50 starting the formal EU withdrawal talks by the end of March. But so far, she has revealed few details about what kind of deal she will seek.
The pair made daily lows at 1.1984 but recovered to trade at 1.2073 levels.
Further upside for this pair is expected to be limited as strong resistance level at 1.2193 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2114, a break above this level would expose the cable to next resistance level at 1.2193 levels.
To the downside strong support can be seen at 1.2036, a break below at this level will open the door towards next level at 1.1984.
