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  • The Sterling is taking chunks out of last Friday’s technical decline, but the upcoming US Fed rate hike could see a stall in the Pound.
  • The attempted bullish recovery still remains deeply off of the 200-day SMA, and bulls will have to scrape out a higher low before establishing a continuation.

GBP/USD Chart, 1-Hour

Spot rate 1.3169
Week relative change 0.71%
Previous week high 1.3298
Previous week low 1.3054
   
Support 1 1.3145 (200-hour SMA)
Support 2 1.3094 (previous day low)
Support 3 1.3063 (current week low)
   
Resistance 1 1.3193 (previous day high)
Resistance 2 1.3300 (major technical level)
Resistance 3 1.3515 (200-day SMA)