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17 Aug 2018
GBP/USD Technical Analysis: Cable could end the week where it started
- The Sterling is lifting against the US Dollar, but Greenback bulls remain close at hand, restraining momentum.
- Brexit concerns are continuing to imprison the GBP, and a resurgence in negative headlines heading into the weekend will see the Sterling soften up again.
- bears continue to remain in control on higher timeframes, with the GBP/USD closing in the red for four consecutive weeks.
GBP/USD Chart, 1-Hour
| Spot rate: | 1.2723 |
| Relative change: | 0.08% |
| High: | 1.2726 |
| Low: | 1.2691 |
| Trend: | Sideways to bullish |
| Support 1: | 1.2684 (previous day low) |
| Support 2: | 1.2660 (current week low) |
| Support 3: | 1.2600 (major technical level) |
| Resistance 1: | 1.2753 (previous day high) |
| Resistance 2: | 1.2826 (current week high) |
| Resistance 3: | 1.2853 (61.8% Fibo retracement level) |