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  • GBP/USD bears are trying to resume the bear trend of the last months as they drove the market about 200 pips from 1.3200 to 1.3000.  
  • GBP/USD is in a bull flag and currently holding above 1.3000 figure. GBP/USD is trading below its 50 and 100-period simple moving average (SMA) but above its 200 SMA. The Stochastics indicator is deeply oversold while the RSI and MACD are in negative territories.  
  • Bulls will try to support the market above 1.3000, however, some residual bearish momentum may persist and see GBP/USD test lower levels near 1.2957 (July 19 swing low).  

GBP/USD 4-hour chart

Spot rate:                         1.3010
Relative change:             -0.51%
High:                                1.3091
Low:                                 1.3003

Main trend:                      Bullish

Resistance 1:                  1.3050 August 30 swing high, key level
Resistance 2:                  1.3100 figure
Resistance 3:                  1.3144 key level
Resistance 3:                  1.3200 figure (key support/resistance)
Resistance 4:                  1.3300 figure
Resistance 5:                  1.3363 July high
Resistance 6:                  1.3472 June 7 high

Support 1:                      1.3000 figure
Support 2:                      1.2957 July 19 swing low
Support 3:                      1.2900 figure