FxWirePro: GBP/USD outlook weaker on renewed downside pressure
The Sterling remained in strong bearish tone against dollar on Wednesday as worries about Britain's economic prospects and the Brexit process encouraged investors to push the pound lower. The government is striving to mo…
The Sterling remained in strong bearish tone against dollar on Wednesday as worries about Britain's economic prospects and the Brexit process encouraged investors to push the pound lower.
The government is striving to move forward the formal discussions on leaving the European Union with a series of position papers that have outlined potential compromises over some of the issues likely to block progress this year.
Sterling, which has fallen more than 3 percent against the dollar since the start of August, was trading at $1.2795 after touching a low of $1.2777.
The pair remains under bears control unless until it trades below 1.2867 resistance level, therefore it is good to sell this pair on rallies.
To the upside, immediate resistance can be seen at 1.2822, a break above this level would expose to cable to next resistance level at 1.2867.
To the downside immediate support can be seen at 1.2777, a break below will open the door towards next level at 1.2724.
