28 Jun 2018
GBP/USD Technical Analysis: Sterling headed for a new 2018 low as risk aversion keeps the GBP down
- Sterling is sinking into new lows for 2018 following Wednesday's BoE FSR/Mark Carney double-header that came in dovish.
- Risk aversion is the flavor of the week as trade concerns keep the Greenback bid.
- Hourly indicators are reading incredibly oversold, but a bullish bounce has yet to materialize.
GBP/USD Chart, 1-Hour
| Spot rate: | 1.3108 |
| Relative change: | Negligible |
| High: | 1.3120 |
| Low: | 1.3110 |
| Trend: | Bearish |
| Support 1: | 1.3101 (major technical level; 2018 low) |
| Support 2: | 1.3068 (S1 daily pivot) |
| Support 3: | 1.3023 (S2 daily pivot) |
| Resistance 1: | 1.3181 (38.2% one week Fibo level) |
| Resistance 2: | 1.3233 (Wednesday high) |
| Resistance 3: | 1.3292 (current week high) |