GBP/USD Technical Analysis: Muted reaction on FOMC minutes as Cable is set to move up while holding above the 1.3100 figure

GBP/USD is trading in a bull trend above the 200-period simple moving average on the 4-hour chart.
GBP/USD is supported above the 1.3100 figure and the 100-period simple moving average post-FOMC minutes. The RSI, MACD and Stochastic indicators are in bearish territories suggesting that the bulls still have to work their way up if they want to regain control of the market. The market is set to grind higher as long as 1.3000 figure holds. The next resistance to the upside is most likely located near 1.3140 (October 16 low) and 1.3200 figure.
A bearish break below 1.3100 on a daily closing basis would invalidate the bullish bias.

Flavio Tosti Independent Analyst

GBP/USD 4-hour chart

Spot rate: 1.3125
Relative change: -0.43%
High: 1.3194
Low: 1.3099

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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