2 Aug 2018
GBP/USD Technical Analysis: Sterling sticking to 1.31 ahead of BoE rate hike
- The Sterling is trading into familiar territory for the week ahead of the Bank of England's highly-expected rate hike.
- BoE rate hike might not go off with slumping economic data for the UK, which could see the Sterling heading for new 2018 lows.
- THe GBP/USD saw July end the month near where it started as momentum bleeds out of the major pair on a still-muddy Brexit.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.3100 |
| Relative change: | -0.10% |
| High: | 1.3128 |
| Low: | 1.3098 |
| Trend: | Flat to bearish |
| Support 1: | 1.3088 (current week low) |
| Support 2: | 1.3054 (61.8% Fibo retracement level) |
| Support 3: | 1.2956 (two-week low; technical bottom) |
| Resistance 1: | 1.3128 (current day high) |
| Resistance 2: | 1.3172 (current week high) |
| Resistance 3: | 1.3212 (previous week high) |