FxWirePro: GBP/USD outlook weaker on renewed downside pressure
The Sterling declined against dollar on Monday after possibility of another Scottish independence vote and renewed fears about Britain's future as it prepares to leave the European Union weighted on the cable. The pound …
The Sterling declined against dollar on Monday after possibility of another Scottish independence vote and renewed fears about Britain's future as it prepares to leave the European Union weighted on the cable.
The pound was able to withstand bearish pressure, as a lack of major domestic developments in Britain saw investors attention drawn to the U.S. economy and European politics, giving sterling some respite.
Currently, the currency pair is trading at 1.2419 levels, it is set to decline further towards 1.2350 and later 1.2300 levels in the short term.
To the upside, the strong resistance can be seen at 1.2500, a break above this level would expose to cable to next resistance level at 1.2571.
To the downside immediate support can be seen at 1.2380, a break below will open the door towards next level at 1.2344.
