6 Aug 2018
GBP/USD Technical Analysis: 1.29 rapidly coming into range
- Brexit concerns are back into full frontal view, and bearish pressures are keeping the GBP/USD capped near the year's lows.
- Daily candles show the GBP/USD firmly in a bearish trend, and July's half-hearted pullbacks see resistance levels priced in at regular intervals.
- Current lows are in place as the only floor keeping the Sterling out of the basement.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.2987 |
| Relative change: | -0.09% |
| High: | 1.3010 |
| Low: | 1.2987 |
| Trend: | Bearish |
| Support 1: | 1.2974 (previous week low) |
| Support 2: | 1.2956 (2018 bottom) |
| Support 3: | 1.2900 (major technical level) |
| Resistance 1: | 1.3042 (Friday high) |
| Resistance 2: | 1.3096 (61.8% Fibo retracement level) |
| Resistance 3: | 1.3172 (previous week high) |