Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/USD outlook weaker on renewed downside pressure

  • The Sterling remained in strong bearish tone against dollar on Wednesday as worries about Britain's economic prospects and the Brexit process encouraged investors to push the pound lower.
     
  • The government is striving to move forward the formal discussions on leaving the European Union with a series of position papers that have outlined potential compromises over some of the issues likely to block progress this year.
     
  • Sterling, which has fallen more than 3 percent against the dollar since the start of August, was trading at $1.2795 after touching a low of $1.2777.
     
  • The pair remains under bears control unless until it trades below 1.2867 resistance level, therefore it is good to sell this pair on rallies.
     
  • To the upside, immediate resistance can be seen at 1.2822, a break above this level would expose to cable to next resistance level at 1.2867.
     
  • To the downside immediate support can be seen at 1.2777, a break below will open the door towards next level at 1.2724.

    Resistance Levels

    R1: 1.2822 (50% Retracement Level)

    R2: 1.2867 (61.8% Retracement Level)

    R3: 1.2907 (Aug 22nd high)

    Support Levels

    S1: 1.2777 (38.2% Retracement Levels)

    S2: 1.2724 (23.6% Retracement Levels)

    S3: 1.2700 (Psychological level)
  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

February 23 20:00 UTC Released

USCattle Placed On Fd

Actual

104 %

Forecast

100.4 %

Previous

101 %

February 23 20:00 UTC Released

USCattle On Feed

Actual

108 %

Forecast

107.4 %

Previous

108 %

January 31 00:00 UTC 3435334353m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3435334353m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 4617346173m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 3435334353m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 4617346173m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 3435334353m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3435334353m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3435334353m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.