GBP/USD Technical Analysis: Cable bulls unwilling to let the market drop below 1.2957 key support
|- GBP/USD bulls are challenging the main bear trend as they are trying to break above the 1.3050 key level.
- GBP/USD bulls have created a bull channel and the 100-period simple moving average (SMA) is starting to break above the 200 SMA, which is another bullish clue. GBP/USD bulls are keeping the market supported above the 1.2957 July 19 swing low (key support). The RSI and MACD indicators are bullish. If bulls break above 1.3050 then 1.3200 becomes the next objective.
- A bear breakout below 1.2800 would invalidate the bullish bias.
Spot rate: 1.2997
Relative change: -0.22%
High: 1.3088
Low: 1.2964
Main trend: Bearish
Short-term trend: Bullish above 1.2800
Resistance 1: 1.3050 August 30 swing high, key level
Resistance 2: 1.3082-1.3100 supply/demand level and figure
Resistance 3: 1.3200 figure
Support 1: 1.3000 figure
Support 2: 1.2957 July 19 swing low
Support 3: 1.2937 August 22 swing high
Support 4: 1.2900 figure
Support 5: 1.2868 August 22 low
Support 6: 1.2845, August 29 low
Support 7: 1.2800 August 24 swing low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.