- GBP/USD has created a bullish relative strength index (RSI) on the 4-hour chart, indicating a short-term bearish-to-bullish trend change.
- The bullish technical setup, if accompanied by a better-than-expected UK retail sales data, could yield a rally to 1.2829 (4H 50MA).
4-hour chart
Spot Rate: 1.2720
Daily High: 1.2727
Daily Low: 1.2685
Trend: Bullish
R1: 1.2733 (5-day moving average)
R2: 1.2745 (100-hour moving average)
R3: 1.2827 (resistance as per the hourly chart)
Support
S1: 1.2685 (support as per the hourly chart)
S2: 1.2662 (Aug. 15 low)
S3: 1.2589 (June 2017 low)