Sterling sticking to 1.31 ahead of BoE rate hike

  • The Sterling is trading into familiar territory for the week ahead of the Bank of England’s highly-expected rate hike.
  • BoE rate hike might not go off with slumping economic data for the UK, which could see the Sterling heading for new 2018 lows.
  • THe GBP/USD saw July end the month near where it started as momentum bleeds out of the major pair on a still-muddy Brexit.

GBP/USD Chart, 15-Minute

Spot rate:  1.3100
Relative change:  -0.10%
High:  1.3128
Low:  1.3098
Trend:  Flat to bearish
Support 1:  1.3088 (current week low)
Support 2:  1.3054 (61.8% Fibo retracement level)
Support 3:  1.2956 (two-week low; technical bottom)
Resistance 1:  1.3128 (current day high)
Resistance 2:  1.3172 (current week high)
Resistance 3:  1.3212 (previous week high)

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