GBP/USD Technical Analysis: Cable spikes to 1.3100 on Brexit news as bulls are coming back

GBP/USD spikes to 1.31 on report claiming UK is ready to drop key Brexit demand on Irish border.
GBP/USD has retraced about 40 pips from 1.3100 but the momentum remains rather bullish as long as the pair remains above the 1.3000 figure. There is some bullish activity on the RSI, MACD and Stochastic indicators but more work is needed for bulls to retake full control of the market. The bulls would also need to ovecome the 200-period simple moving average.
Targets to the upside are seen near 1.3100 figure and 1.3140 October 16 low.

Flavio Tosti Independent Analyst

GBP/USD 4-hour chart

Spot rate: 1.3070
Relative change: 0.4%
High: 1.3105
Low: 1.3011

Main trend: Bearish
Short-term: Bullish

Resistance 1: 1.3100 figure
Resistance 2: 1.3140 October 16 low
Resistance 3: 1.3200 figure

Support 1: 1.3050 August 30 swing high, key level
Support 2: 1.3028 October 8 low
Support 3: 1.3000 figure
Support 4: 1.2957 July 19 swing low
Support 5: 1.2900 figure

Author

Flavio Tosti

Independent Analyst

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