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  • GBP/USD main bear trend has been on hold  since mid-August as bulls were able to bring Cable above the 50-day simple moving average.
  • GBP/USD is currently trying to break above the 1.3200 psychological figure. It is trading above its 50, 100 and 200-period simple moving averages suggesting a bullish bias. The RSI and MACD indicators are bullishly configured. However, bulls will need a convincing break above 1.3200 as a confirmation of the bull leg resumption. Resistance to the upside can be seen near 1.3300 figure and 1.3363 July high.
  • The FOMC at 18:00 GMT can lead to extreme volatility in the forex market.  

GBP/USD 4-hour chart

Spot rate:                          1.3180
Relative change:               0.00%      
High:                                1.3199
Low:                                 1.3138

Main trend:                      Bullish above 1.3200

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:                      1.3100 figure
Support 3:                      1.3050 August 30 swing high, key level
Support 4:                      1.3000 figure    
Support 5:                      1.2957 July 19 swing low