GBP/USD Technical Analysis: Cable drops back below daily lows after attempting to break 1.3450

  • GBP/USD attempted to break from the bull flag of the last days as GBP bulls pushed the market as high as 1.3447 but then they were overwhelmed by bears who drove GBP/USD back below daily lows. 
  • GBP/USD is extremely volatile as it is trying to break from the bull flag formation of the last five days. 
  • The strong rejection at 1.3450 suggests that the market will stay sideways for the coming hours in the previous range of the last sessions. 

GBP/USD 15-minute chart

Spot rate:               1.3367
Relative change:    -0.06%     
High:                      1.3447
Low:                       1.3361

Trend:                    Neutral

Resistance 1:        1.3400 figure
Resistance 2:        1.3590 daily 200-period simple moving average
Resistance 3:        1.3700 figure

Support 1:             1.3344, daily 10-period SMA
Support 2:             1.3300 key support
Support 3:             1.3254 June 1 swing low

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