31 Jul 2018
GBP/USD Technical Analysis: stuck near 1.31 as traders await the BoE
- The Sterling is drooping under successive lower highs as Brexit concerns and softening economic data for the UK continue to keep the GBP under bearish pressure.
- Traders are keeping the GBP/USD in the middle this week after a mild bounce from the last major swing low into 1.2950 ahead of the BoE's showing this Thursday.
- A flubbed rate hike this week from the BoE could send the Sterling back into new yearly lows.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.3130 |
| Relative change: | Negligible |
| High: | 1.3137 |
| Low: | 1.3111 |
| Trend: | Flat to bullish |
| Support 1: | 1.3111 (current day low) |
| Support 2: | 1.3070 (previous week low) |
| Support 3: | 1.2956 (June 19th swing low) |
| Resistance 1: | 1.3151 (current week high) |
| Resistance 2: | 1.3212 (previous week high) |
| Resistance 3: | 1.3361 (one month high) |