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.

Flavio Tosti Independent Analyst

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:

GBP/USD

Overview:
    Last Price: 1.3138
    Daily change: 41 pips
    Daily change: 0.313%
    Daily Open: 1.3097
Trends:
    Daily SMA20: 1.2998
    Daily SMA50: 1.3029
    Daily SMA100: 1.3039
    Daily SMA200: 1.3419
Levels:
    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

Author

Flavio Tosti

Independent Analyst

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