Sterling on the downside as bears resume control


  • Sterling continuing to head lower ahead of Wednesday’s London market session, as Brexit concerns continue to weigh.
  • UK inflation figures are due early at 08:30 GMT, but the bears are already in control. A positive reading could put a floor under current losses.
  • Daily candles have the pair in a confirmed downside move from a lower high, and the year’s low is close to breaking.

GBP/USD Chart, 15-Minute

Spot rate:  1.3095
Relative change:  -0.15%
High:  1.3116
Low:  1.3093
   
Trend:  Bearish
   
Support 1:  1.3067 (previous day low)
Support 2:  1.3049 (2018 low; major technical bottom)
Support 3:  1.2972 (S2 weekly pivot)
   
Resistance 1:  1.3153 (38.2% Fibo retracement level)
Resistance 2:  1.3200 (major technical level)
Resistance 3:  1.3292 (current weekly high)

 


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