- GBP/USD main trend is on hold as bulls have taken control of the market for the 6th day in a row.
- GBP/USD is at a crossroad as it is now challenging a daily trendline. If bulls manage to break above it along with the 1.2957 resistance, GBP/USD is seen accelerating the bull counter-move up.
- Bulls are currently trying to find support at the lower trendline (orange) just below the 50-period simple moving average. While a pullback to 1.2800 is still possible, the current momentum is bullish and 1.2957 target is still on the cards for Cable bulls. A deeper pullback scenario is drawn in the chart below.
- A sustained bear breakout below 1.2800 would invalidate the bullish bias.
Spot rate: 1.2890
Relative change: 0.09%
High: 1.2916
Low: 1.2868
Trend: Bearish
Short-term trend: Bullish above 1.2800
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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