GBP/USD Technical Analysis: How high is too high for Cable bulls?

  • GBP/USD is trading in a bull trend above the 200-period simple moving average on the 4-hour chart. 
  • GBP/USD is having a steep spike up to 1.3150. However, the market is overbought as per the RSI and Stochastic indicators suggesting that bulls might have overstretched themselves. 
  • A pullback down to 1.3100 and to 1.3050 might be in the making if bears keep the market below 1.3150.  

GBP/USD 4-hour chart

Main trend:                      Bullish
Short-term:                      Bearish

Resistance 1:                  1.3150 figure
Resistance 2:                  1.3200 figure
Resistance 3:                  1.3259 October 12 high

Support 1:                      1.3100 figure
Support 2:                      1.3043, October 23 high
Support 3:                      1.3000 figure
Support 4:                      1.2947 key resistance
Support 5:                      1.2921 October 4 low
Support 6:                      1.2900 figure
Support 7:                      1.2854 October 29


Additional key levels at a glance:


    Last Price: 1.3138
    Daily change: 41 pips
    Daily change: 0.313%
    Daily Open: 1.3097
    Daily SMA20: 1.2998
    Daily SMA50: 1.3029
    Daily SMA100: 1.3039
    Daily SMA200: 1.3419
    Daily High: 1.31
    Daily Low: 1.3021
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.307
    Daily Fibonacci 61.8%: 1.3051
    Daily Pivot Point S1: 1.3045
    Daily Pivot Point S2: 1.2993
    Daily Pivot Point S3: 1.2966
    Daily Pivot Point R1: 1.3125
    Daily Pivot Point R2: 1.3152
    Daily Pivot Point R3: 1.3204


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