GBP/USD Technical Analysis: Cable bulls unwilling to let the market drop below 1.2957 key support

GBP/USD bulls are challenging the main bear trend as they are trying to break above the 1.3050 key level.
GBP/USD bulls have created a bull channel and the 100-period simple moving average (SMA) is starting to break above the 200 SMA, which is another bullish clue. GBP/USD bulls are keeping the market supported above the 1.2957 July 19 swing low (key support). The RSI and MACD indicators are bullish. If bulls break above 1.3050 then 1.3200 becomes the next objective.
A bear breakout below 1.2800 would invalidate the bullish bias.

Flavio Tosti Independent Analyst

GBP/USD 4-hour chart

Spot rate: 1.2997
Relative change: -0.22%
High: 1.3088
Low: 1.2964

Main trend: Bearish
Short-term trend: Bullish above 1.2800

Resistance 1: 1.3050 August 30 swing high, key level
Resistance 2: 1.3082-1.3100 supply/demand level and figure
Resistance 3: 1.3200 figure

Support 1: 1.3000 figure
Support 2: 1.2957 July 19 swing low
Support 3: 1.2937 August 22 swing high
Support 4: 1.2900 figure
Support 5: 1.2868 August 22 low
Support 6: 1.2845, August 29 low
Support 7: 1.2800 August 24 swing low

Author

Flavio Tosti

Independent Analyst

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