GBP/USD Technical Analysis: Cable consolidation phase might slip to 1.3100 figure

  • GBP/USD is trading in a bull trend as the market is above the 200-simple moving average.
  • GBP/USD met some resistance near the 1.3259 level. GBP/USD is set to consolidate lower towards 1.3100 as the market had a sharp pullback down near a key level at 1.3300 figure. Spikes to 1.3200 might happen before the pullback down enters into play. 
  • A strong bull breakout above 1.3259 on a daily close basis would lead to a continuation of the bull trend. 

GBP/USD 4-hour chart 

Spot rate:                         1.3156
Relative change:             -0.58%     
High:                                1.3259
Low:                                 1.3146

Main trend:                      Bullish

Resistance 1:                  1.3200 figure
Resistance 2:                  1.3259 October 12 high
Resistance 2:                  1.3300 September 20 high
Resistance 3:                  1.3370 July 9 high
Resistance 4:                  1.3400 figure


Support 1:                      1.3150 September 21 low
Support 2:                      1.3100 figure
Support 3:                      1.3050 August 30 swing high, key level
Support 4:                      1.3028 October 8 low
Support 5:                      1.3000 figure 
Support 6:                      1.2957 July 19 swing low  
 

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