26 Sep 2018
GBP/USD Technical Analysis: Attempting to recover ahead of Fed action
- The Sterling is taking chunks out of last Friday's technical decline, but the upcoming US Fed rate hike could see a stall in the Pound.
- The attempted bullish recovery still remains deeply off of the 200-day SMA, and bulls will have to scrape out a higher low before establishing a continuation.
GBP/USD Chart, 1-Hour
| Spot rate | 1.3169 |
| Week relative change | 0.71% |
| Previous week high | 1.3298 |
| Previous week low | 1.3054 |
| Support 1 | 1.3145 (200-hour SMA) |
| Support 2 | 1.3094 (previous day low) |
| Support 3 | 1.3063 (current week low) |
| Resistance 1 | 1.3193 (previous day high) |
| Resistance 2 | 1.3300 (major technical level) |
| Resistance 3 | 1.3515 (200-day SMA) |