10 Sep 2018
GBP/USD Technical Analysis: Sterling bracing for UK GDP
- Brexit concerns may have been assuaged for the time being with a tentative plan by the EU to begin meeting the UK halfway on certain topics.
- UK GDP figures will be kicking off the new trading week, forecast to climb to 0.3% (previous 0.1%) at 08:30 GMT.
- Traders are waiting for market sentiment to pick a direction for the week as trade wars and negotiations across the globe hang over risk sentiment.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.2913 |
| Relative change: | -0.05% |
| High: | 1.2931 |
| Low: | 1.2907 |
| Trend: | Sideways to bearish |
| Support 1: | 1.2907 (current day low) |
| Support 2: | 1.2785 (previous week low) |
| Support 3: | 1.2700 (major technical level) |
| Resistance 1: | 1.2942 (200-period H4 EMA) |
| Resistance 2: | 1.2982 (61.8% Fibo retracement level) |
| Resistance 3: | 1.3028 (previous week high) |