GBP/USD Technical Analysis: Brexit and trade concerns see the pair cycling at a midpoint

The Sterling is grinding sideways, marking in an inside day from Tuesday, presenting a straddle opportunity for higher timeframe traders.
Brexit headlines from resigning Brexit cabinet ministers has left the GBP in a weakened state, and trade concerns from late Tuesday are having little effect in Wednesday trading.

Joshua Gibson FXStreet

GBP/USD Chart,15-Minute

Spot rate:	1.3258
Relative change:	-0.09%
High:	1.3281
Low:	1.3248

Trend:	Sideways

Support 1:	1.3222 (previous day low)
Support 2:	1.3168 (61.8% Fibo retracement level)
Support 3:	1.3094 (previous week low)

Resistance 1:	1.3300 (major technical barrier)
Resistance 2:	1.3361 (current week high)
Resistance 3:	1.3446 (one month 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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