GBP/USD Technical Analysis: Cable bulls reverse daily losses breaking above 1.3200 figure

  • GBP/USD bulls are staging a reversal from the 1.3100 level as the pair has now reversed earlier losses. Earlier hawkish comments by Bank of England’s Cunliffe, the US-UK trade deal hopes and the softer University of Michigan Consumer Sentiment index all collaborated to lift GBP/USD above the 1.3200 figure.
  • The momentum has switched to bullish as GBP/USD is trading above the 200-period simple moving average and the upper trendline of the bearish channel. The next objective for bulls is to get to 1.3250, June 4 high and the 1.3300 figure.    

GBP/USD 15-minute chart 

Spot rate:               1.3216
Relative change:    0.08%     
High:                      1.3221
Low:                       1.3102

Trend:                    Bullish

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

Support 1:             1.3200 figure
Support 2:             1.3155 former breakout point
Support 3:             1.3100 figure
Support 4:             1.3049 current 2018 low
Support 5:             1.3027 October 6, 2017 swing low

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