13 July GBPUSD Technical Analysis: GBPUSD is sinking into fresh lows


The GBPUSD continues to mark in new lows ahead of Friday’s London market session, and the pair continues to drop, hitting 1.3164 as Brexit concerns continue to drag the pair down.What should traders expect next? Gain insight into today’s 13 July GBPUSD Technical Analysis.

13 July, GKFX – Prime Minister Theresa May’s government released the White Paper outlining the PM’s latest Brexit proposal, which has seen resignations from key Brexit ministers in protest over the proposals, which see May desperately hoping to avert a hard Brexit.

EU leaders have yet to pass judgement on the latest proposals, but the hard-line negotiation tactics being employed by the EU see little wiggle room for Theresa May, who continues to struggle with wrangling vehement Brexiteers in her parliament.

Thin calendar on the docket for Friday

Friday is a sparse showing for both the Sterling and the Greenback on the economic calendar, and market focus will remain on Brexit headlines, with some extra focus on US President Donald Trump, who is in the UK for a multi-day visit, and stated to UK media outlets his dissatisfaction with PM May for not taking his advice on Brexit, and also noted that a soft-Brexit scenario may “kill” chances of UK-US trade negotiations in the future, applying further pressure on Prime Minister May.

13 July GBPUSD Technical Analysis

Brexit concerns are the headline driver for the Sterling through the week, and the GBPUSD is sinking into fresh lows, though intraday support is being found at the 61.8% Fibonacci retracement level, and bulls have a very small window to push into a reversal of the week’s overall action.

Spot rate: 1.3176

Relative change: -0.20%

High: 1.3205

Low: 1.3164  

Trend: Bearish  

Support 1: 1.3168 (61.8% Fibo retracement level)

Support 2: 1.3094 (previous week low)

Support 3: 1.3049 (2018 low)  

Resistance 1: 1.3244 (previous day high)

Resistance 2: 1.3277 (R2 daily pivot)

Resistance 3: 1.3361 (current week high).

Disclaimer

This article 13 July GBPUSD Technical Analysis. was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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