19 Jul 2018
GBP/USD Technical Analysis: Sterling trapped on the bottom ahead of UK Retail Sales
- Sterling continues to stick to recent lows as economic data for the UK disappoints traders, sending the GBP spiraling into nine-month lows.
- Slumping economic figures are piling onto already-bearish market sentiment as Brexit squabbles within the UK continue to go nowhere.
- Daily candles have the GBP/USD pair firmly in a downside trend, and pullbacks should be seen as an opportunity to re-short.
- Thursday's Retail Sales figures for the UK provide one more chance for sellers to make one more push to crack the 1.30 key level.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.3076 |
| Relative change: | 0.06% |
| High: | 1.3082 |
| Low: | 1.3063 |
| Trend: | Bearish |
| Support 1: | 1.3049 (June low) |
| Support 2: | 1.3008 (current week low; critical technical bottom) |
| Support 3: | 1.2950 (S2 daily pivot) |
| Resistance 1: | 1.3116 (previous day high) |
| Resistance 2: | 1.3183 (61.8% Fibo retracement level) |
| Resistance 3: | 1.3292 (current week high) |