GBP/USD Technical Analysis: Cable extends bull rally beyond 1.3100 figure

GBP/USD is up about 120 pips this Friday as the market sold USD on the back of comments from US President Trump criticizing the Federal Reserve Bank to be in a hiking cycle.
The momentum has momentarily shifted to bullish giving a break to the protracted bear trend of the last weeks. Indeed, the 50 and 100-period simple moving averages have crossed above the 200-period SMA.
The next resistances to the upside are seen near 1.3155 and the 1.3200 figure while supports are likely located near 1.3100 figure and 1.3049 June 28 low.

Flavio Tosti Independent Analyst

GBP/USD 15-minute chart

Spot rate: 1.3133
Relative change: 0.90%
High: 1.3141
Low: 1.2995

Trend: Bearish / Bullish correction

Resistance 1: 1.3155 former breakout point
Resistance 2: 1.3200 figure
Resistance 3: 1.3250 June 4 high

Support 1: 1.3100 figure
Support 2: 1.3049 June 28 low
Support 3: 1.3010 July 18 low
Support 4: 1.2957 current 2018 low
Support 5: 1.2908 September 5, 2017 low
Support 6: 1.2774 August 24, 2017 low

Author

Flavio Tosti

Independent Analyst

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