- GBP/USD is in consolidation mode in the main bear trend.
- GBP/USD is currently in a bullish channel on the 15-minute chart, with the 50, 100 and 200-period simple moving average all sloping upward suggesting short-term bullish momentum with targets at 1.2789 and 1.2838. In the very short-term the market might pullback down to the 1.2740 congestion zone which can be a potential entry point to join the bullish correction up.
- A sustained bear breakout below the 1.2729 (current low of the day) might invalidate the bullish bias.
Spot rate: 1.2763
Relative change: 0.13%
High: 1.2773
Low: 1.2729
Trend: Bearish
Short-term trend: Bullish
Resistance 1: 1.2789 intraday swing high
Resistance 2: 1.2838, August 10 high
Resistance 3: 1.2900-1.2923 area, figure and August 7 low
Support 1: 1.2723, August 10 low
Support 2: 1.2700 figure
Support 3: 1.2661, current 2018 low
Support 4: 1.2589 June 21, 2017 low
Support 5: 1.2500 figure
Support 6: 1.2365 April 7, 2017 high
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