- The Sterling remained in strong bearish tone against dollar on Monday as worries about the political landscape in the United Kingdom weighed on Sterling.
- A three-day debate on a law giving May the right to trigger Brexit began on Monday, and will be followed by a series of votes on whether to attach extra conditions to her plan to start talks by March 31.
- Currently, the currency pair is trading at 1.2441 levels, it is set to decline further towards 1.2380 and later 1.2340 levels in the short term.
- To the upside, the strong resistance can be seen at 1.2550, a break above this level would expose to cable to next resistance level at 1.2600.
- To the downside immediate support can be seen at 1.2419, a break below will open the door towards next level at 1.2315.
R1: 1.2504 (Daily high)
R2: 1.2550 (50% Retracement Level)
R3: 1.2600 (Psychological level)
S1: 1.2419 (38.2% Retracement Levels)
S2: 1.2315 (Jan 3rd lows)
S3: 1.2241 (23.6% Retracement Levels)