Sterling faces downside pressure from potential hard Brexit

  • Last week’s whipping breaks the previous descending channel in both directions.
  • Hourly indicators are mixed as technicals struggle to catch up with velocity.
  • Last week’s House of Lords voting on Brexit raises potential for hard Brexit, adding bearish pressure to the Sterling.

GBP/USD Chart, 1-Hour chart

Spot rate:            1.3268
Relative change: 0.05%
High:                   1.3279
Low:                    1.3261

Trend:                 Bearish

Support 1:          1.3175 (S2 1-day pivot)
Support 2:          1.3139 (S3 1-day pivot)
Support 3:          1.3211 (current month low)

Resistance 1:     1.3301 (38.2% 1-week Fibonacci retracement level)
Resistance 2:     1.3356 (61.8% 1-week Fibonacci retracement level)
Resistance 3:     1.3403 (R3 1-day pivot)

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