3 Aug 2018
GBP/USD Technical Analysis: Sterling traders struggling to keep the pair above 1.30
- Sterling is slumping into the year's lows after the BoE warned markets to expected a slower pace of rate hikes than most were expecting, sending the GBP/USD back into major bottoms.
- Mid-tier data is on the economic calendar for the GBP for Friday, leaving overall market direction in the hands of USD traders on the upcoming Non-Farm Payrolls release.
- A decisive break of the 1.3000 major level could see an accelerated drop for the Pound looking forward.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.3020 |
| Relative change: | 0.09% |
| High: | 1.3022 |
| Low: | 1.3005 |
| Trend: | Bearish |
| Support 1: | 1.3005 (current week low) |
| Support 2: | 1.2956 (2018 low) |
| Support 3: | 1.2900 (major technical level) |
| Resistance 1: | 1.3084 (38.2% Fibo retracement level) |
| Resistance 2: | 1.3172 (current week high) |
| Resistance 3: | 1.3212 (previous week high) |