GBP/USD Technical Analysis: Cable nearing 1.3250 after erasing daily losses

GBP/USD reversed all its losses made previously on Friday and is set to end the day 0.22% in the green.
GBP/USD has cleared the 1.3200 resistance and is less than 20 pips away from the 1.3250 resistance.
The 50-period simple period moving average is about to cross above the 100-period SMA suggesting that bullish momentum is building up. Next week bulls will set their eyes on the 1.3300 figure and 1.3363 the current weekly high.

Flavio Tosti Independent Analyst

GBP/USD 15-minute chart

Spot rate: 1.3234
Relative change: 0.22%
High: 1.3236
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

Author

Flavio Tosti

Independent Analyst

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