GBP/USD Technical Analysis: King Dollar gets pounded as GBP/USD runs up to 1.3100 figure

GBP/USD gained about 80 pips this Friday as the bulls managed to break above the 1.3100 level.
Short-term momentum appears to have switched to bullish as GBP/USD is trading well-above all its main simple moving averages.
Support is likely located near 1.3049 June 28 low and a bear breakout below the level would be seen as a sign of bullish weakness and a potential resumption of the bear trend.
Resistances to the upside are seen near 1.3155 and the 1.3200 figure.

Flavio Tosti Independent Analyst

GBP/USD 15-minute chart

Spot rate: 1.3103
Relative change: 0.66%
High: 1.3117
Low: 1.2995

Trend: Bearish / Bullish correction

Resistance 1: 1.3100 figure
Resistance 2: 1.3155 former breakout point
Resistance 3: 1.3200 figure

Support 1: 1.3049 June 28 low
Support 2: 1.3010 July 18 low
Support 3: 1.2957 current 2018 low
Support 4: 1.2908 September 5, 2017 low
Support 5: 1.2774 August 24, 2017 low

Author

Flavio Tosti

Independent Analyst

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