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  • 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