• 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)