FxWirePro: GBP/USD holds above 1.2200 but upside is limited
GBP/USD rose on Monday after Scotland's First Minister Nicola Sturgeon demanded a fresh Scottish independence referendum but said it should take place at the earliest in late 2018. The pound was immediately boosted after…
GBP/USD rose on Monday after Scotland's First Minister Nicola Sturgeon demanded a fresh Scottish independence referendum but said it should take place at the earliest in late 2018.
The pound was immediately boosted after Sturgeon said she would seek authority from the UK government which is preparing to trigger formal talks on Britain's exit from the European Union to hold a new vote.
The pair made daily highs at 1.2251 but dipped slightly to trade at 1.2232 levels in the late US session.
Further upside for this pair is expected to be limited as strong resistance level at 1.2313 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2251, a break above this level would expose the cable to next resistance level at 1.2313 levels.
To the downside strong support can be seen at 1.2187, a break below at this level will open the door towards next level at 1.2137.
