Sterling is exposing its weak points as Brexit continues to drag on GBP buyers. Tuesday brings the UK’s first-ever GDP monthly reading, and market reaction could get wonky. The GBP/USD pairing is weakening further heading into Tuesday’s London market session, touching into 1.3230. Brexit concerns are once again at the forefront for the Sterling, and Prime Minister May’s latest “third option” Brexit proposal has seen the UK’s cabinet fracture, with five key members of the Brexit cabinet resigning from their positions in protest over the PM’s latest proposal, which fails to make either side of the Brexit negotiations happy. Tuesday will also be bringing a dose of macro data for the UK, though traders will largely be focusing on the key headline number: Britain’s first monthly GDP indicator, dropping at 08:30 GMT, and expected to print at 0.3%. This will be the first-ever reading of the UK’s monthly GDP indicator, and market reaction is expected to be irregular as traders react to the new data flow. GBP/USD Technical Analysis The GBP/USD’s price action is being dominated by Brexit headlines which broke on Monday and have continued to seep into the Sterling’s chart action. The pair initially dropped into 1.3180 in Monday’s London markets, but found support from the key 1.3250 barrier. The last bounce from June 28th could form into a bear flag is bulls don’t manage to push the pair above Monday’s high soon. Spot rate: 1.3236 Relative change: -0.20% High: 1.3261 Low: 1.3225 Trend: Sideways to bearish Support 1: 1.3200 (Round number, key technical barrier) Support 2: 1.3155 (Previous breakout zone) Support 3: 1.3100 (round number figure) Resistance 1: 1.3300 (Previous swing high, round number figure) Resistance 2: 1.3350 (Key technical barrier) Resistance 3: 1.3472 (June swing high) GBP/USD Chart, 15-Minute 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 GBP/USD now moved into a consolidative phase – UOB FX Street 3 years Sterling is exposing its weak points as Brexit continues to drag on GBP buyers. Tuesday brings the UK's first-ever GDP monthly reading, and market reaction could get wonky. The GBP/USD pairing is weakening further heading into Tuesday's London market session, touching into 1.3230. Brexit concerns are once again at the forefront for the Sterling, and Prime Minister May's latest "third option" Brexit proposal has seen the UK's cabinet fracture, with five key members of the Brexit cabinet resigning from their positions in protest over the PM's latest proposal, which fails to make either side of the Brexit negotiations happy. Tuesday… Top 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.
