- GBP/USD finds intraday resistance at the 1.3470 level and spiked about 100 pips down now consolidating the bear breakout near the 1.3400 handle.
- The bears finally broke below the trendline of the rising wedge (blue lines) and while the medium-term trend is still up, a deeper pullback towards the 1.3333 Tuesday’s swing low can be expected.
- The damage made by the bears suggests a rotation back towards the ascending channel (black line).
Spot rate: 1.3400
Relative change: -0.10%
High: 1.3472
Low: 1.3374
Trend: Neutral
Support 1: 1.3374 current Thursday’s low
Support 2: 1.3333 Tuesday’s intraday swing low
Support 3: 1.3300 handle
Resistance 1: 1.3440 intraday supply level
Resistance 2: 1.3470-1.3500 current Thursday’s high and figure
Resistance 3: 1.3586 daily 200-period simple moving average
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