GBP/USD Technical Analysis: 100-day MA is playing a spoilsport
|- The GBP/USD pair is struggling to beat the 100-day moving average hurdle of 1.3162 for the second day, having rallied close to three percent in the last two weeks.
- The bulls need to take out the long-term MA hurdle in the next couple of hours, else a pullback to 1.31 could be in the offing. The rising wedge breakdown seen in the hourly chart is also calling a minor retreat in the GBP/USD pair.
Hourly Chart
Spot Rate: 1.3150
Daily High: 1.3176
Daily Low: 1.3136
Trend: Mildly bearish
R1: 1.3162 (100-day MA)
R2: 1.3204 (May 29 low)
R3: 1.3213 (July 26 high)
Support
S1: 1.3125 (5-day MA)
S2: 1.3043 (Aug. 30 high)
S3: 1.2984 (50-day MA)
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