GBP/USD Technical Analysis: Bears waiting near 1.31

The Sterling-Dollar pairing is looking for more bullish momentum despite the US Dollar's broad-market bull moves recently.
The GBP/USD remains trapped under July's peaks and the 200-day EMA, but bulls have managed to push the pair into a firm bullish correction, breaking above the 50-day EMA.
The 21, 50, and 200 day EMAs remain locked in a bearish setup, and short-sellers will likely be waiting just above.

Joshua Gibson FXStreet

GBP/USD Chart, 1-Hour

Spot rate	1.3080
Relative change	0.10%
High	1.3084
Low	1.3066

Trend	Bullish

Support 1	1.3013 (200-hour EMA)
Support 2	1.2922 (61.8% Fibo retracement level)
Support 3	1.2785 (two-week low)

Resistance 1	1.3143 (previous week high)
Resistance 2	1.3213 (August 26th swing high)
Resistance 3	1.3296 (200-day EMA)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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