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GBP/USD Technical Analysis: Bears eyeing 1.3100 level

  • GBP/USD found resistance near the 1.3170 level and GBP/USD erased the daily gains trading now near 1.3130 just above the 200-period simple moving average and the current daily low.  
  • Bulls want to keep the market above the 50, 100 and 200-period simple moving averages while bears want to close the day below the current daily low.  
  • Both parties are in equilibrium as the market is debating whether to revisit 1.3100 or retest to daily highs near 1.3170.  

GBP/USD 15-minute chart

Spot rate:               1.3122
Relative change:     -0.08%      
High:                      1.3173
Low:                       1.3112

Trend:                    Bearish / Bullish correction

Resistance 1:        1.3155 former breakout point
Resistance 2:        1.3200 figure
Resistance 3:        1.3230 supply level
Resistance 4:        1.3250 June 4 high  

Support 1:             1.3100-1.3076 area, figure and weekly low
Support 2:             1.3049 June 28 low
Support 3:             1.3010 July 18 low
Support 4:             1.2957 current 2018 low
Support 5:             1.2908 September 5, 2017 low  

GBP/USD found resistance near the 1.3170 level and GBP/USD erased the daily gains trading now near 1.3130 just above the 200-period simple moving average and the current daily low.  
Bulls want to keep the market above the 50, 100 and 200-period simple moving averages while bears want to close the day below the current daily low.  
As it stands both parties are in equilibrium as the market is debating whether to revisit 1.3100 or retest to daily highs near 1.3170.  

GBP/USD 15-minute chart

Spot rate:               1.3141
Relative change:    0.3%      
High:                      1.3153
Low:                       1.3097

Trend:                    Bearish / Bullish correction

Resistance 1:        1.3155 former breakout point
Resistance 2:        1.3200 figure
Resistance 3:        1.3230 supply level
Resistance 4:        1.3250 June 4 high  

Support 1:             1.3100-1.3076 area, figure and weekly low
Support 2:             1.3049 June 28 low
Support 3:             1.3010 July 18 low
Support 4:             1.2957 current 2018 low
Support 5:             1.2908 September 5, 2017 low  

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