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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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November 24 15:30 UTC Released

USECRI Weekly Index*

Actual

145.6 %

Forecast

Previous

145.6 %

November 24 14:45 UTC Released

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Actual

54.6 %

Forecast

Previous

54.6 %

November 27 09:00 UTC 36533653m

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Actual

Forecast

Previous

111 %

November 27 09:00 UTC 36533653m

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Actual

Forecast

Previous

116.1 %

November 27 14:00 UTC 39533953m

MXTrade Balance, $*

Actual

Forecast

Previous

-1.886 Bln USD

November 27 14:00 UTC 39533953m

MXTrade Balance SA*

Actual

Forecast

Previous

-1.559 Bln USD

November 27 15:30 UTC 40434043m

USDallas Fed mfg bus index

Actual

Forecast

Previous

27.6

November 27 21:00 UTC 43734373m

KRBOK Manufacturing BSI*

Actual

Forecast

Previous

87 Bln BRL

November 28 00:00 UTC 45534553m

BRCentral Govt Balance

Actual

Forecast

Previous

-22.725 Bln BRL

November 28 07:00 UTC 49734973m

DEGDP Growth QQ* Advance

Actual

Forecast

Previous

10.7 %

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