The Sterling remains near recent bottoms as market sentiment fails to spark. Thursday’s BoE rate decision likely to keep traders on the sidelines for today. The GBP/USD is trading close to the downside in early Wednesday action, testing into 1.3160 ahead of a quiet London session. The Sterling stooped lower on Tuesday, falling into a low of 1.3150, and the GBP/USD pair saw very little bounce in the overnight session. Market sentiment has taken a less-than-sunny turn this week over the ongoing trade tariff spat between the US and China, but sentiment is hanging even lower in the UK, where Brexit negotiations continue to grind to a stuttering halt, with key drafts from the June EU summit showing little to no resolutions to the current Irish border issue, and the EU’s Bernier is warning people that they need to be prepared for all possible outcomes, including a “hard Brexit” scenario, one where the UK goes ahead with separating from the EU without any kind of trade agreement in place. Wednesday is another thin showing for the GBP on the economic calendar, and traders’ focus will remain locked on the upcoming Bank of England (BoE) rate decision, due on Thursday at 13:30 GMT, where the BoE is expected to hold off once again on a rate increase. GBP/USD levels to watch As noted by FXStreet Chief Analyst Valeria Bednarik, “technically, the bearish bias remains strong according to readings in the 4 hours chart, as the pair plunged after failing to recover above its 20 SMA, now heading south almost vertically around 1.3245, while technical indicators have decelerated their declines but hold near their daily lows. Further declines below the daily low will open doors for a steeper decline, with speculative interest then eyeing a test of the 1.3000 level.” Support levels: 1.3150 1.3110 1.3070 Resistance levels: 1.3205 1.3245 1.3290 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum price analysis: ETH/USD off recent highs amid Bithumb news, $500 handle in focus FX Street 5 years The Sterling remains near recent bottoms as market sentiment fails to spark. Thursday's BoE rate decision likely to keep traders on the sidelines for today. The GBP/USD is trading close to the downside in early Wednesday action, testing into 1.3160 ahead of a quiet London session. The Sterling stooped lower on Tuesday, falling into a low of 1.3150, and the GBP/USD pair saw very little bounce in the overnight session. Market sentiment has taken a less-than-sunny turn this week over the ongoing trade tariff spat between the US and China, but sentiment is hanging even lower in the UK, where… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.