Fxwirepro: Gbp/usd Outlook Weaker On Renewed Downside Pressure

  • 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.

    Resistance Levels

    R1: 1.2504 (Daily high)

    R2: 1.2550 (50% Retracement Level)

    R3: 1.2600 (Psychological level)

    Support Levels

    S1: 1.2419 (38.2% Retracement Levels)

    S2: 1.2315 (Jan 3rd lows)

    S3: 1.2241 (23.6% Retracement Levels)

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