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.

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

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