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  • GBP/USD main bear trend is on hold for the sixth consecutive week as bulls are working at creating a bullish reversal.  
  • GBP/USD is challenging the highs made last week as the market found support just above the 1.3050 support and the bull trendline (green line of the rising wedge). GBP/USD is trading well-above its 50, 100 and 200-period simple moving average on the 4-hour chart while the RSI, MACD and Stochastics are constructive to the upside; all suggesting that bulls should give no respite in the near future.  
  • If 1.3144 (last week high) is broken to the upside the next targets become 1.3200 figure (key support/resistance) and then 1.3300 figure is the scaling point.

GBP/USD 4-hour chart

Spot rate:                    1.3144
Relative change:          0.56%      
High:                           1.3150
Low:                            1.3069

Main trend:                 Bearish  
Short-term trend:        Bullish above 1.2800

Resistance 1:             1.3144 last week high
Resistance 2:             1.3200 figure (key support/resistance)
Resistance 3:             1.3300 figure
Resistance 4:             1.3472 June 7 high

Support 1:                  1.3082-1.3100 supply/demand level and figure
Support 2:                  1.3050 August 30 swing high, key level
Support 3:                  1.3000 figure
Support 4:                  1.2957 July 19 swing low
Support 5:                  1.2937 August 22 swing high
Support 6:                  1.2900 figure
Support 7:                  1.2868 August 22 low  
Support 8:                  1.2845, August 29 low
Support 9:                  1.2800 August 24 swing low

Expert score

5

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