GBP/USD Technical Analysis: Sterling squashes USD bulls expectations as Cable is back to daily highs
|- Pound bulls created a strong bull reversal from the 1.3320 level and are currently challenging the high of the day near the 1.3400 level.
- GBP bulls see the consolidation since June 7 as a bull flag, therefore a strong breakout above the upper descending trendline and the 1.3400-1.3425 area could lead to higher prices.
- On the other hand, if GBP/USD stays contained below the upper descending trendline and the 1.3400-1.3425 area, the trading range should remains in place for the time being.
GBP/USD 15-minute chart
Spot rate: 1.3377
Relative change: 0.04%
High: 1.3390
Low: 1.3308
Trend: Neutral
Resistance 1: 1.3400 figure
Resistance 2: 1.3590 daily 200-period simple moving average
Resistance 3: 1.3700 figure
Support 1: 1.3344, daily 10-period SMA
Support 2: 1.3300 key support
Support 3: 1.3254 June 1 swing low
GBP/USD 4-hour chart
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