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  • Sterling continues to stick to recent lows as economic data for the UK disappoints traders, sending the GBP spiraling into nine-month lows.
  • Slumping economic figures are piling onto already-bearish market sentiment as Brexit squabbles within the UK continue to go nowhere.
  • Daily candles have the GBP/USD pair firmly in a downside trend, and pullbacks should be seen as an opportunity to re-short.
  • Thursday’s Retail Sales figures for the UK provide one more chance for sellers to make one more push to crack the 1.30 key level.

GBP/USD Chart, 15-Minute

Spot rate:   1.3076
Relative change:   0.06%
High:   1.3082
Low:   1.3063
Trend:   Bearish
Support 1:   1.3049 (June low)
Support 2:   1.3008 (current week low; critical technical bottom)
Support 3:   1.2950 (S2 daily pivot)
Resistance 1:   1.3116 (previous day high)
Resistance 2:   1.3183 (61.8% Fibo retracement level)
Resistance 3:   1.3292 (current week high)