GBP/USD Technical Analysis: Sub-1.3300 Cable on the verge of a breakout

  • GBP/USD is trading inside its previous day’s range for the second consecutive day suggesting that the market is on the verge of a breakout.
  • On the broader picture, GBP/USD is in a bear trend and has rejected the daily 50-period simple moving average on Monday with a strong 170-pip sell-off, suggesting that the odds are slightly tilted to the downside for the time being.
  • Mark Carney, the Bank of England Governor is set to speak about the global financial crisis at the National Bureau of Economic Research conference in Boston at 15:35 GMT.

GBP/USD 15-minute chart

Spot rate:               1.3250
Relative change:     -0.13%     
High:                      1.3286
Low:                       1.3233

Trend:                    Neutral to bearish

Resistance 1:        1.3300 figure
Resistance 2:        1.3363 weekly high
Resistance 3:        1.3400 figure
Resistance 4:        1.3472 June’s high

Support 1:             1.3250 June 4 high
Support 2:             1.3200 figure
Support 3:             1.3155 former breakout point
Support 4:             1.3100 figure
Support 5:             1.3049 current 2018 low
Support 6:             1.3027 October 6, 2017 swing low

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