FxWirePro: GBP/USD resumes downside after Brexit is triggered
The Sterling remained in strong bearish tone against dollar on Wednesday as sterling was weighted down after Britain formally triggered its exit process from the European Union. Prime Minister Theresa May filed formal Br…
The Sterling remained in strong bearish tone against dollar on Wednesday as sterling was weighted down after Britain formally triggered its exit process from the European Union.
Prime Minister Theresa May filed formal Brexit divorce papers on Wednesday, triggering years of negotiations that will test the cohesion of the European Union.
Prime Minister Theresa May's 6-page Brexit letter to European Council President Donald Tusk set a positive tone for the talks, though it admitted that the task of extracting the UK from the EU was momentous and that reaching a comprehensive agreement within two years would be a challenge.
Currently, the currency pair is trading at 1.2424 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 1.2523, a break above this level would expose to cable to next resistance level at 1.2615.
To the downside immediate support can be seen at 1.2368, a break below will open the door towards next level at 1.2269.
