- GBP/USD main bear trend is morphing into a bullish reversal.
- GBP/USD is trading in a bull channel above rising and widening 50, 100 and 200-period simple moving averages while the RSI, MACD and Stochastics indicators are in positive territories, all suggesting potential gains ahead.
- Targets to the upside can be located near 1.3200 figure (key support/resistance) and 1.3300 figure.
- The FOMC on Wednesday is expected to lead to lots of volatility in the forex market.
GBP/USD 4-hour chart
Spot rate: 1.3186
Relative change: 0.51%
High: 1.3194
Low: 1.3095
Main trend: Bullish
Resistance 1: 1.3200 figure (key support/resistance)
Resistance 2: 1.3300 figure
Resistance 3: 1.3363 July high
Resistance 4: 1.3472 June 7 high
Support 1: 1.3144 key level
Support 2: 1.3082-1.3100 supply/demand level and figure
Support 3: 1.3050 August 30 swing high, key level
Support 4: 1.3000 figure
Support 5: 1.2957 July 19 swing low
Share
