GBP/USD Technical: GBP/USD consolidation phase below 1.3155 level

GBP/USD started the week by attempting to breakout above last Friday’s high without any success yet. Cable is currently in a 40-pip range near the 1.3120 level.
GBP/USD received a considerable boost at the end of last week and bulls will try to build on the current momentum. On the other hand, bears are seeing this pullback as a bargain to short from higher prices relative to the 2018 low at 1.2957
Cable bulls objective is to breakout above 1.3155 while bears want a resumption of the main bear trend. As of writing, the bullish correction is slowly losing steam and a bearish breakout below 1.3100 could open the gates to 1.3049.

Flavio Tosti Independent Analyst

GBP/USD 15-minute chart

Spot rate: 1.3117
Relative change: 0.10%
High: 1.3159
Low: 1.3113

Trend: Bearish / Bullish correction

Resistance 1: 1.3155 former breakout point
Resistance 2: 1.3200 figure
Resistance 3: 1.3250 June 4 high

Support 1: 1.3100 figure
Support 2: 1.3049 June 28 low
Support 3: 1.3010 July 18 low
Support 4: 1.2957 current 2018 low
Support 5: 1.2908 September 5, 2017 low
Support 6: 1.2774 August 24, 2017 low

Author

Flavio Tosti

Independent Analyst

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