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13 Aug 2018
GBP/USD Technical Analysis: Pound trapped at 12-month lows
- The Sterling is on the weak side for Monday after steady declines in recent weeks has set the GBP/USD into 12-month lows.
- Brexit concerns remain close at hand, but broader markets are currently reeling from a vicious contagion risk adjustment after the US imposed damaging tariffs on Turkey.
- A thin schedule on the economic for Monday will have traders looking towards Tuesday's Average Earnings report to deliver some good news for the GBP.
GBP/USD Chart, 15-Minutes
| Spot rate: | 1.2756 |
| Relative change: | 0.10% |
| High: | 1.2778 |
| Low: | 1.2739 |
| Trend: | Bearish |
| Support 1: | 1.2739 (current day low) |
| Support 2: | 1.2722 (previous week low) |
| Support 3: | 1.2662 (S2 daily pivot) |
| Resistance 1: | 1.2778 (current day high) |
| Resistance 2: | 1.2894 (38.2% Fibo retracement level) |
| Resistance 3: | 1.3010 (previous week high) |