- GBP/USD had a muted reaction following the release of the FOMC minutes as the pair continued its consolidation after GBP/USD lost about 65 pips from the daily highs printed at 1.3275.
- GBP/USD has been pushing higher for the last four days, however, the move higher is seen as a bear flag by bears who have been selling during the four-day pullback. On the other hand, bulls see the move as the start of a new bull trend. A bull breakout above the current weekly high at 1.3275 might see some bears giving up and new bulls entering the market.
- The NFP (Non-Farm Payrolls) report this Friday should offer some great volatility.
GBP/USD 15-minute chart
Spot rate: 1.3216
Relative change: -0.08%
High: 1.3275
Low: 1.3204
Trend: Bearish below 1.3275
Resistance 1: 1.3251 Wednesday high
Resistance 2: 1.3275, weekly high
Resistance 3: 1.3300 figure
Support 1: 1.3200 figure
Support 2: 1.3155 former breakout point
Support 3: 1.3100 figure
Support 4: 1.3049 current 2018 low
Support 5: 1.3027 October 6, 2017 swing low
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