GBP/USD Technical Analysis: Cable bulls challenging the 1.3050 level

GBP/USD is trading in a bear leg below the 200-period simple moving average.
GBP/USD is finding some support above the 1.3000 figure. The RSI, MACD and Stochastic remain bearish but until the market stays above 1.3000, there is scope for a potential rebound to 1.3100 figure.
A bearish breakout below 1.3000 would open the gates to 1.2957 (1.2957 July 19 swing low).

Flavio Tosti Independent Analyst

GBP/USD 4-hour chart

Spot rate: 1.3054
Relative change: 0.27%
High: 1.3061
Low: 1.3011

Main trend: Bearish

Short-term: Bullish

Resistance 1: 1.3050 August 30 swing high, key level
Resistance 2: 1.3100 figure
Resistance 3: 1.3140 October 16 low

Support 1: 1.3028 October 8 low
Support 2: 1.3000 figure
Support 3: 1.2957 July 19 swing low
Support 4: 1.2900 figure

Author

Flavio Tosti

Independent Analyst

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