GBP/USD Technical Analysis: Sterling on the downside as bears resume control

Sterling continuing to head lower ahead of Wednesday's London market session, as Brexit concerns continue to weigh.
UK inflation figures are due early at 08:30 GMT, but the bears are already in control. A positive reading could put a floor under current losses.
Daily candles have the pair in a confirmed downside move from a lower high, and the year's low is close to breaking.

Joshua Gibson FXStreet

GBP/USD Chart, 15-Minute

Spot rate:	1.3095
Relative change:	-0.15%
High:	1.3116
Low:	1.3093

Trend:	Bearish

Support 1:	1.3067 (previous day low)
Support 2:	1.3049 (2018 low; major technical bottom)
Support 3:	1.2972 (S2 weekly pivot)

Resistance 1:	1.3153 (38.2% Fibo retracement level)
Resistance 2:	1.3200 (major technical level)
Resistance 3:	1.3292 (current weekly 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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