- GBP bulls brought GBP/USD near the 100-period simple moving average (4-hour) at 1.3392 in early European trade but bulls couldn’t break above the level.
- In the last five sessions, GBP/USD has gathered some bullish momentum with GBP/USD trading above the 50-period simple moving average (4-hour).
- The 1.3400 handle should be the line-in-the-sand if bulls want to create a successful reversal initiated on May 29.
- The 1.3300 handle should offer some support if bulls want to keep the momentum going. A break below the level can open the gates to further downside moves.
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Spot rate: 1.3340
Relative change: 0.02%
High: 1.3393
Low: 1.3302
Trend: Neutral to bullish above 1.3300
Support 1: 1.3300 handle
Support 2: 1.3253 last Friday’s low
Support 3: 1.3205 current 2018 low
Resistance 1: 1.3400 handle and near May 24 high
Resistance 2: 1.3450 May 22 high
Resistance 3: 1.3500 figure
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