GBP/USD Technical Analysis: Cable consolidating 160-pip bull breakout below 1.3250
|- GBP/USD had a 160-pip bull breakout on the back of the Bank of England hawkish comments earlier in Europe, it is now consolidating below the 1.3250 level.
- GBP/USD had a strong impulsive move after reaching a new 2018 low at 1.3146. Bulls’ objective is to bring the market above the 1.3250 figure in order to reach the key 1.3300 level.
- On the other hand, bears will try to initially reach the 1.3214, Wednesday’s high.
Spot rate: 1.3243
Relative change: 0.53%
High: 1.3271
Low: 1.3102
Trend: Neutral
Resistance 1: 1.3250 figure
Resistance 2: 1.3300 key support
Resistance 3: 1.3400 figure
Support 1: 1.3200-1.3214 area, figure and Wednesday’s high
Support 2: 1.3146, current 2018 low
Support 3: 1.3100 figure
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