- GBP/USD is currently rebounding from the 1.3100 figure after GBP/USD lost about a 100 pips from Asia.
- GBP/USD bulls are trying to create a bull reversal but they would need to overcome the bearish trendline and the 200-period simple moving average, all converging in the 1.3200 zone.
- Although GBP/USD is in a bullish consolidation, the momentum remains bearish below 1.3200. The bears objective is to claim the 1.3100 figure in order to target the current 2018 low at 1.3049.
GBP/USD 15-minute chart
Spot rate: 1.3174
Relative change: -0.24%
High: 1.3209
Low: 1.3102
Trend: Bearish
Resistance 1: 1.3200 figure
Resistance 2: 1.3250 June 4 high
Resistance 3: 1.3300 figure
Resistance 4: 1.3363 weekly high
Resistance 5: 1.3400 figure
Resistance 6: 1.3472 June’s high
Support 1: 1.3155 former breakout point
Support 2: 1.3100 figure
Support 3: 1.3049 current 2018 low
Support 4: 1.3027 October 6, 2017 swing low
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