FxWirePro: GBPUSD outlook weaker on renewed downside pressure
GBP/USD declined on Friday as Sterling was weighted down on expectations that Britain's economy is likely to suffer from a hardline stance by the European Union in negotiations on the country's exit from the bloc. Sterli…
GBP/USD declined on Friday as Sterling was weighted down on expectations that Britain's economy is likely to suffer from a hardline stance by the European Union in negotiations on the country's exit from the bloc.
Sterling's slide has sent inflation expectations soaring, driving investors to reassess chances of further easing by the Bank of England this year.
The pair made session low at 1.2159 but recovered slightly to trade at 1.2189 levels.
Further upside for this pair is expected to be limited as strong resistance level at 1.2274 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2208, a break above this level would expose the cable to next resistance level at 1.2274 levels.
To the downside strong support can be seen at 1.2145, a break below at this level will open the door towards next level at 1.2059.
