GBP/USD Technical Analysis: Falling wedge breakout

The GBP/USD hourly chart shows a falling wedge breakout, adds credence to a bullish divergence of the 14-day relative strength index (RSI).
The pair could test supply around the 30-day moving average (MA) hurdle of 1.3275.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 1.32

Daily High: 1.3216

Daily Low: 1.3188

Trend: Bullish

Resistance

R1: 1.3275 (30-day MA)

R2: 1.3315 (June 22 high)

R3: 1.3162 (50-day MA)

Support

S1: 1.3191 (200-hour MA)

S2: 1.3163 (50-hour MA)

S3: 1.3145 (100-hour MA)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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