- GBP/USD bears are eager to push the market below 1.2900 psychological level in order to resume the main bear trend. However, GBP/USD is evolving in a bull channel above the 50, 100 and 200-period simple moving averages. The RSI, MACD and Stochastics are constructive to the upside.
- The key levels to break for bull are 1.2957 (July 19 swing low) and 1.3050 (August 30 swing high)
- A bear breakout below 1.2800 would invalidate the short-term bullish bias.
Spot rate: 1.2945
Relative change: 0.22%
High: 1.2956
Low: 1.2897
Main trend: Bearish
Short-term trend: Bullish above 1.2800
Resistance 1: 1.2957 July 19 swing low
Resistance 2: 1.3000 figure
Resistance 3: 1.3050 August 30 swing high, key level
Resistance 4: 1.3082-1.3100 supply/demand level and figure
Support 1: 1.2937 August 22 swing high
Support 2: 1.2900 figure
Support 3: 1.2868 August 22 low
Support 4: 1.2845, August 29 low
Support 5: 1.2800 August 24 swing low
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