GBP/USD Technical Analysis: Cable retreating from weekly highs - Rising Wedge can target 1.2957 level
|- GBP/USD main bear trend has been on hold since mid-August.
- GBP/USD is currently pulling back after grinding higher all week. GBP/USD is evolving in a rising wedge (green lines) suggesting that any further advances might be limited for the time being. The RSI, MACD and Stochastics are showing some signs of exhaustion as well.
- Targets for a pullback down can be located near 1.3050 (August 30 swing high, key level) and 1.2957 (July 19 swing low).
Spot rate: 1.3095
Relative change: -0.09%
High: 1.3144
Low: 1.3082
Main trend: Bearish
Short-term trend: Bullish above 1.2800
Resistance 1: 1.3082-1.3100 supply/demand level and figure
Resistance 2: 1.3200 figure (key support/resistance)
Resistance 3: 1.3300 figure
Support 1: 1.3050 August 30 swing high, key level
Support 2: 1.3000 figure
Support 3: 1.2957 July 19 swing low
Support 4: 1.2937 August 22 swing high
Support 5: 1.2900 figure
Support 6: 1.2868 August 22 low
Support 7: 1.2845, August 29 low
Support 8: 1.2800 August 24 swing low
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