The Sterling fell away from recent highs as PM May’s latest Brexit proposals drive Brexiteers to resign from their posts. Trade fears are once again the broader market’s key driver, with the US-China trade war ramping up. The GBP/USD is trading steadily ahead of Wednesday’s London market session, sticking close to 1.3250 after marking an inside day for Tuesday. This week’s focus for the Sterling has been renewed Brexit concerns, with five key parliamentary Brexit ministers resigning from their posts in protest over Prime Minister Theresa May’s latest Brexit proposal, which sees a last-ditch “third option” resolution to attempt to bring free trade for hard-line Brexiteers, but keep the UK under the jurisdiction of some EU laws, with PM May hoping to appease both sides of negotiations. EU leaders are unlikely to accept any proposals that put the EU at a disadvantage, and Brexiteers are seeking to retain all British sovereignty, even if it means a ‘hard Brexit’ scenario. Wednesday brings little meaningful data for the Sterling, and traders will be focusing on resurging trade tensions as the US threatens to  impose a further $200 billion USD worth of tariffs on Chinese goods, which has seen market sentiment stoop lower for Wednesday. GBP/USD Technical Analysis Sterling’s sideways grind has produced an inside day, a key technical straddle opportunity for traders, and the GBP is leaning towards the bearish side as Brexit once again becomes the key headline driver for the GBP/USD. Spot rate:  1.3261 Relative change:  -0.09% High:  1.3281 Low:  1.3248   Trend:  Sideways   Support 1:  1.3222 (previous day low) Support 2:  1.3168 (61.8% Fibo retracement level) Support 3:  1.3094 (previous week low)   Resistance 1:  1.3300 (major technical barrier) Resistance 2:  1.3361 (current week high) Resistance 3:  1.3446 (one month 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 EUR/USD sidelined around 1.1730 amidst risk-off trade FX Street 4 years The Sterling fell away from recent highs as PM May's latest Brexit proposals drive Brexiteers to resign from their posts. Trade fears are once again the broader market's key driver, with the US-China trade war ramping up. The GBP/USD is trading steadily ahead of Wednesday's London market session, sticking close to 1.3250 after marking an inside day for Tuesday. This week's focus for the Sterling has been renewed Brexit concerns, with five key parliamentary Brexit ministers resigning from their posts in protest over Prime Minister Theresa May's latest Brexit proposal, which sees a last-ditch "third option" resolution to attempt to… 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.