8 Aug 2018
GBP/USD Technical Analysis: Pound scrambling for a foothold from 1.2950
- The Sterling is catching a quick bounce off of the US Dollar taking a step back, but Brexit concerns and Friday's looming UK GDP will keep the upside capped off.
- Sterling sees a new low for 2018 this week, and further declines will have the pair in freefall below the 1.2900 handle.
- Daily candles are trapped in a vicious bear trend, and hopes of a bounceback are becoming haphazard.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.2954 |
| Relative change: | 0.13% |
| High: | 1.2959 |
| Low: | 1.2930 |
| Trend: | Sideways |
| Support 1: | 1.2919 (current week low; 2018 bottom) |
| Support 2: | 1.2900 (major technical level) |
| Support 3: | 1.2865 (S2 daily pivot) |
| Resistance 1: | 1.3010 (current week high) |
| Resistance 2: | 1.3075 (61.8% Fibo retracement level) |
| Resistance 3: | 1.3172 (previous week high) |