- GBP/USD main bear trend is on hold for the fifth consecutive day as the market is having a bullish pullback.
- GBP/USD broke above the bull channel of the last five days and created a steeper one (orange). The simple moving averages are sloping upward and widening up suggesting strong bullish activity. The next target is 1.2900-1.2923 area and the main target of the bullish correction is 1.2957 July 19 low.
- A sustained bear breakout below 1.2800 might invalidate the bullish bias.
GBP/USD 15-minute chart
Spot rate: 1.2852
Relative change: 0.43%
High: 1.2879
Low: 1.2793
Trend: Bearish
Short-term trend: Bullish
Resistance 1: 1.2900-1.2923 area, figure and August 7 low
Resistance 2: 1.2957 July 19 low
Resistance 3: 1.3000 figure
Support 1: 1.2838, August 10 high
Support 2: 1.2789-1.2800 area, intraday swing high and figure
Support 3: 1.2723, August 10 low
Support 4: 1.2700 figure
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