GBP/USD Technical Analysis: new lows for 2018 as traders await UK GDP on Friday

A catatonic Sterling slumps to a new 12-month low, bears seeking out 2017 lows as Brexit and a dovish BoE continue to weigh on the GBP.
A thin calendar for Thursday sees Pound traders awaiting Friday’s UK GDP figures.
The GBP/USD is on pace to close in the red for a fifth straight week.

Spot rate:	1.2875
Relative change:	Negligible
High:	1.2888
Low:	1.2851

Trend:	Bearish

Support 1:	1.2851 (major technical bottom; 12-month low)
Support 2:	1.2791 (S2 daily pivot)
Support 3:	1.2773 (August 2017 swing low)

Resistance 1:	1.2973 (38.2% Fibo retracement level)
Resistance 2:	1.3010 (current week high)
Resistance 3:	1.3172 (previous week high)

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