News

GBP/USD Technical Analysis: Cable rises 70 pips from 1.3100 figure

  • GBP/USD is currently rebounding from the 1.3100 figure after GBP/USD lost about a 100 pips from Asia. 
  • GBP/USD bulls are trying to create a bull reversal but they would need to overcome the bearish trendline and the 200-period simple moving average, all converging in the 1.3200 zone. 
  • Although GBP/USD is in a bullish consolidation, the momentum remains bearish below 1.3200. The bears objective is to claim the 1.3100 figure in order to target the current 2018 low at 1.3049. 

GBP/USD 15-minute chart 

Spot rate:               1.3174
Relative change:    -0.24%     
High:                      1.3209
Low:                       1.3102

Trend:                    Bearish

Resistance 1:        1.3200 figure
Resistance 2:        1.3250 June 4 high
Resistance 3:        1.3300 figure
Resistance 4:        1.3363 weekly high
Resistance 5:        1.3400 figure
Resistance 6:        1.3472 June’s high

Support 1:             1.3155 former breakout point
Support 2:             1.3100 figure
Support 3:             1.3049 current 2018 low
Support 4:             1.3027 October 6, 2017 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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.