FxWirePro: GBP/USD outlook weaker on renewed downside pressure
The Sterling remained in bearish tone against dollar on Monday as worries over Britain's exit from the European Union drove investors to sell the currency that has steadily lost ground in the past three straight weeks. A…
The Sterling remained in bearish tone against dollar on Monday as worries over Britain's exit from the European Union drove investors to sell the currency that has steadily lost ground in the past three straight weeks.
As long the pair trades below strong resistance level at 1.3071, the ongoing bearish trend for the pair is set to continue in the short term.
To the upside, the immediate resistance can be seen at 1.2990, a break above this level would expose to cable to next resistance level at 1.3071.
To the downside strong support can be seen at 1.2860, a break below will open the door towards next level at 1.2800.
