FxWirePro: GBP/USD outlook weaker on renewed downside pressure
The Sterling remained in strong bearish tone against dollar on Tuesday ahead of a second vote in Britain's upper house of parliament on legislation giving Prime Minister Theresa May the right to start formal Brexit talks…
The Sterling remained in strong bearish tone against dollar on Tuesday ahead of a second vote in Britain's upper house of parliament on legislation giving Prime Minister Theresa May the right to start formal Brexit talks.
Britain's House of Lords will on Tuesday try to force the government to give lawmakers a greater say over the terms of Britain's exit from the EU and final approval of an eventual deal with the bloc.
The pair made session low at 1.2171 but recovered slightly to trade at 1.2182 levels in early US session.
The pair remains under bears control unless until it trades below 1.2285 resistance level, therefore it is good to sell this pair on rallies.
To the upside, immediate resistance can be seen at 1.2227, a break above this level would expose to cable to next resistance level at 1.2285.
To the downside immediate support can be seen at 1.2172, a break below will open the door towards next level at 1.2102.
