GBP/USD Technical Analysis: Sterling sticking to 1.31 ahead of BoE rate hike

The Sterling is trading into familiar territory for the week ahead of the Bank of England's highly-expected rate hike.
BoE rate hike might not go off with slumping economic data for the UK, which could see the Sterling heading for new 2018 lows.
The GBP/USD saw July end the month near where it started as momentum bleeds out of the major pair on a still-muddy Brexit.

Joshua Gibson FXStreet

GBP/USD Chart, 15-Minute

Spot rate:	1.3100
Relative change:	-0.10%
High:	1.3128
Low:	1.3098

Trend:	Flat to bearish

Support 1:	1.3088 (current week low)
Support 2:	1.3054 (61.8% Fibo retracement level)
Support 3:	1.2956 (two-week low; technical bottom)

Resistance 1:	1.3128 (current day high)
Resistance 2:	1.3172 (current week high)
Resistance 3:	1.3212 (previous week 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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