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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)
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September 20 15:30 UTC Released

BRForeign Exchange Flows*

Actual

2.161 Bln USD

Forecast

Previous

-1.251 Bln USD

September 20 14:30 UTC Released

TRCentral Govt Debt Stock*

Actual

820.5 Bln TRY

Forecast

Previous

817.1 Bln TRY

September 21 08:30 UTC 435435m

GBPSNB, MM GBP

Actual

Forecast

Previous

-0.76 Bln GBP

September 21 08:30 UTC 435435m

GBPSNCR, MM GBP

Actual

Forecast

Previous

-3.912 Bln GBP

September 21 08:30 UTC 435435m

GBPSNB Ex Banks GBP

Actual

Forecast

7.100 Bln GBP

Previous

-0.184 Bln GBP

September 21 12:00 UTC 645645m

BRIPCA-15 Mid-Month CPI

Actual

Forecast

0.15 %

Previous

0.35 %

September 21 12:00 UTC 645645m

BRIPCA-15 Mid-Month CPI YY*

Actual

Forecast

2.60 %

Previous

2.68 %

September 21 12:30 UTC 675675m

CAWholesale Trade MM

Actual

Forecast

-0.9 %

Previous

-0.5 %

September 21 12:30 UTC 675675m

USInitial Jobless Claims

Actual

Forecast

300 k

Previous

284 k

September 21 12:30 UTC 675675m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

263.25 k

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