GBP/USD declined on Tuesday as sterling was weighted down after media reports refocused traders' attention on the political risks associated with Britain's departure from the European Union. A stronger U.S. dollar also a…
GBP/USD declined on Tuesday as sterling was weighted down after media reports refocused traders' attention on the political risks associated with Britain's departure from the European Union.
A stronger U.S. dollar also added losses for the Sterling as the dollar firmed on upbeat economic data and increased expectation that Federal Reserve will raise interest rate in December.
Further upside for this pair is expected to be limited as strong resistance level at 1.2545 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2476, a break above this level would expose the cable to next resistance level at 1.2545 levels.
To the downside strong support can be seen at 1.2411, a break below at this level will open the door towards next level at 1.2380.
