GBP/USD Technical Analysis: Cable treading water above 1.3100 figure

GBP/USD is trading just above the 200-period simple moving average and the 1.3100 level suggesting a bullish bias.
Buyers should remain in control as long as the market holds above 1.3100 on a daily closing basis. Resistances to the upside are seen near 1.3140 and 1.3200 figure.
However, it is worthy to note that GBP/USD bulls are showing a relative lack of conviction to rebound from 1.3100 as the RSI, MACD indicators are displaying some weakness in the market.

Flavio Tosti Independent Analyst

GBP/USD 4-hour chart

Spot rate: 1.3102
Relative change: -0.1%
High: 1.3132
Low: 1.3076

Main trend: Bullish

Resistance 1: 1.3140 October 16 low
Resistance 2: 1.3200 figure
Resistance 3: 1.3259 October 12 high
Resistance 4: 1.3237 October 16 high
Resistance 5: 1.3300 September 20 high
Resistance 6: 1.3370 July 9 high

Support 1: 1.3100 figure
Support 2: 1.3050 August 30 swing high, key level
Support 3: 1.3028 October 8 low
Support 4: 1.3000 figure
Support 5: 1.2957 July 19 swing low

Author

Flavio Tosti

Independent Analyst

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