GBP/USD Technical Analysis: Sterling regains 1.33, further upside likely to be challenged

Sterling lifting on global risk recovery, but technicals are leaning bearish.
mid-week trendline could lead to a break and further downside.
GBP/USD has failed to initiate a technical correction from April decline.

Joshua Gibson FXStreet

GBP/USD chart, 15-Minute

Spot rate: 1.3300
Relative change: 0.14%

Trend: Bearish

Support 1: 1.3283 (38.2% 1-Day Fibonacci)
Support 2: 1.3264 (Kijun-sen)
Support 3: 1.3204 (May 29th low point)

Resistance 1: 1.3346 (R2 1-Day pivot)
Resistance 2: 1.3370 (38.2% 1-Week Fibonacci)
Resistance 3: 1.3420 (May 24th swing high)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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