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  • Sterling running out of bullish feelings as the GBP/USD continues to drop away from the week’s high.
  • Hourly indicators have been lifting towards midpoints, but little upwards momentum has been seen, a reloaded short push for Wednesday looking likely.
  • Short traders should keep a cautious eye out for today’s speech from the BoE’s Carney, Financial Stability Report could deliver a hawkish tone.

GBP/USD Chart, 1-Hour

Spot rate:   1.3226
Relative change:   0.08%
High:   1.3230
Low:   1.3210
Trend:   Bearish
Support 1:   1.3192 (current week low)
Support 2:   1.3183 (61.8% one week Fibo level)
Support 3:   1.3101 (major technical bottom)
Resistance 1:   1.3314 (previous week high)  
Resistance 2:   1.3381 (R3 daily pivot)
Resistance 3:   1.3291 (current week high)