- GBP/USD is trading near the daily high as bulls have currently found support at the 1.3100 figure.
- Bulls objective is to break above the current daily high and the 1.3155 resistance while bears will try to resume the bear trend. However, as the bulls have regained 1.3100 and the 50 and 100-periods simple moving average they currently have a slight advantage over bears.
- The 30-pip bounce coincides with the release of the Gross Domestic Product Annualized (GDP) for the second quarter which came in line with expectations at 4.1% while the Core Personal Consumption Expenditures for the second quarter came slightly below expectations at 2% versus 2.2% forecast.
GBP/USD 15-minute chart
Spot rate: 1.3115
Relative change: 0.05%
High: 1.3124
Low: 1.3082
Trend: Bearish / Bullish correction
Resistance 1: 1.3155 former breakout point
Resistance 2: 1.3200 figure
Resistance 3: 1.3230 supply level
Resistance 4: 1.3250 June 4 high
Support 1: 1.3100-1.3076 area, figure and weekly low
Support 2: 1.3049 June 28 low
Support 3: 1.3010 July 18 low
Support 4: 1.2957 current 2018 low
Support 5: 1.2908 September 5, 2017 low
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