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18 Jul 2018
GBP/USD Technical Analysis: Sterling on the downside as bears resume control
- Sterling continuing to head lower ahead of Wednesday's London market session, as Brexit concerns continue to weigh.
- UK inflation figures are due early at 08:30 GMT, but the bears are already in control. A positive reading could put a floor under current losses.
- Daily candles have the pair in a confirmed downside move from a lower high, and the year's low is close to breaking.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.3095 |
| Relative change: | -0.15% |
| High: | 1.3116 |
| Low: | 1.3093 |
| Trend: | Bearish |
| Support 1: | 1.3067 (previous day low) |
| Support 2: | 1.3049 (2018 low; major technical bottom) |
| Support 3: | 1.2972 (S2 weekly pivot) |
| Resistance 1: | 1.3153 (38.2% Fibo retracement level) |
| Resistance 2: | 1.3200 (major technical level) |
| Resistance 3: | 1.3292 (current weekly high) |