GBP/USD Technical Analysis: Cable trading near daily lows, bears eyeing 1.3200 figure

  • GBP/USD is currently trading near its daily lows as it is challenging Tuesday’s low at 1.3223 and the bullish trendline since June 28.
  • GBP/USD is struggling to build any convincing bullish momentum as the US Dollar is having a boost across the board, especially against the Yen.
  • A strong breakout below the current weekly low near 1.3200 should confirm the bearish bias and open the gates to 1.3155 former breakout point and 1.3100 figure.

GBP/USD 15-minute chart 

Spot rate:               1.3214
Relative change:    -0.46%     
High:                      1.3286
Low:                       1.3206

Trend:                    Neutral to bearish

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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