FxWirePro: GBP/USD outlook weaker on renewed downside pressure
The Sterling remained in strong bearish tone against dollar on Monday as selling interest continued as U.S. Federal Reserve rate hike last week continued to weigh on Sterling. Traders await a speech from Fed Chair Janet …
The Sterling remained in strong bearish tone against dollar on Monday as selling interest continued as U.S. Federal Reserve rate hike last week continued to weigh on Sterling.
Traders await a speech from Fed Chair Janet Yellen at 1:30 p.m. (1830 GMT) for possible hints that last week's Fed meeting, where policy-makers signaled the central bank could increase interest rates three times in 2017.
Currently, the currency pair is trading at 1.2373 levels, it is set to decline further towards 1.2300 and later 1.2250 levels in the short term.
To the upside, the strong resistance can be seen at 1.2447, a break above this level would expose to cable to next resistance level at 1.2509.
To the downside immediate support can be seen at 1.2304, a break below will open the door towards next level at 1.2221.
