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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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