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  • GBP/USD main bear trend is on hold since mid-August.  
  • Moments ago, the Core US Consumer Price Index (CPI)  for August (y/y) came in at 2.2% versus 2.4% forecast, which is bad news for USD.
  • GBP/USD is evolving in a bull channel with rising 50, 100 simple moving averages which are both trading above the 200 SMA. The RSI and Stochastics indicators are equally bullish.
  • GBP/USD bulls objective is to strongly break above 1.3050 resistance in order to reach 1.3200 key support and resistance of the last months.  

GBP/USD 4-hour chart

Spot rate:                    1.3088
Relative change:         0.32%      
High:                           1.3093
Low:                            1.3026

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

Resistance 1:             1.3082-1.3100 supply/demand level and figure
Resistance 2:             1.3200 figure (key support/resistance)
Resistance 3:             1.3300 figure

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

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5

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