GBP/USD Technical Analysis: Cable rises 70 pips from 1.3100 figure

  • GBP/USD is currently rebounding from the 1.3100 figure after GBP/USD lost about a 100 pips from Asia. 
  • GBP/USD bulls are trying to create a bull reversal but they would need to overcome the bearish trendline and the 200-period simple moving average, all converging in the 1.3200 zone. 
  • Although GBP/USD is in a bullish consolidation, the momentum remains bearish below 1.3200. The bears objective is to claim the 1.3100 figure in order to target the current 2018 low at 1.3049. 

GBP/USD 15-minute chart 

Spot rate:               1.3174
Relative change:    -0.24%     
High:                      1.3209
Low:                       1.3102

Trend:                    Bearish

Resistance 1:        1.3200 figure
Resistance 2:        1.3250 June 4 high
Resistance 3:        1.3300 figure
Resistance 4:        1.3363 weekly high
Resistance 5:        1.3400 figure
Resistance 6:        1.3472 June’s high

Support 1:             1.3155 former breakout point
Support 2:             1.3100 figure
Support 3:             1.3049 current 2018 low
Support 4:             1.3027 October 6, 2017 swing low

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