FxWirePro: GBP/USD outlook weaker on renewed downside pressure
The Sterling remained in strong bearish tone against dollar on Monday as worries about the political landscape in the United Kingdom weighed on Sterling. A three-day debate on a law giving May the right to trigger Brexit…
The Sterling remained in strong bearish tone against dollar on Monday as worries about the political landscape in the United Kingdom weighed on Sterling.
A three-day debate on a law giving May the right to trigger Brexit began on Monday, and will be followed by a series of votes on whether to attach extra conditions to her plan to start talks by March 31.
Currently, the currency pair is trading at 1.2441 levels, it is set to decline further towards 1.2380 and later 1.2340 levels in the short term.
To the upside, the strong resistance can be seen at 1.2550, a break above this level would expose to cable to next resistance level at 1.2600.
To the downside immediate support can be seen at 1.2419, a break below will open the door towards next level at 1.2315.
