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  • The Sterling is drooping under successive lower highs as Brexit concerns and softening economic data for the UK continue to keep the GBP under bearish pressure.
  • Traders are keeping the GBP/USD in the middle this week after a mild bounce from the last major swing low into 1.2950 ahead of the BoE’s showing this Thursday.
  • A flubbed rate hike this week from the BoE could send the Sterling back into new yearly lows.

GBP/USD Chart, 15-Minute

Spot rate:   1.3130
Relative change:   Negligible
High:   1.3137
Low:   1.3111
Trend:   Flat to bullish
Support 1:   1.3111 (current day low)  
Support 2:   1.3070 (previous week low)
Support 3:   1.2956 (June 19th swing low)
Resistance 1:   1.3151 (current week high)
Resistance 2:   1.3212 (previous week high)
Resistance 3:   1.3361 (one month high)