- GBP/USD had a spike down to 1.3068 and then bulls attempted a reversal up with an 80-pip move to the upside. The confusion was led by UK politics: Big slippage in GBP/USD on turnaround victory for the government on trade bill amendment.
- GBP/USD remains contained below 1.3155 resistance as the reversal up lacked immediate bullish follow-through. However, a breakout above 1.3155 would probably be a sign of weakness for bears.
- Although the reversal up attempt was sharp, there is no sign of a clear bottom just yet and the pair seems willing to make another attempt at the 1.3100 level.
GBP/USD 15-minute chart
Spot rate: 1.3118
Relative change: -0.88%
High: 1.3270
Low: 1.3068
Trend: Bearish
Resistance 1: 1.3155 former breakout point
Resistance 2: 1.3200 figure
Resistance 3: 1.3225 intraday swing low
Resistance 4: 1.3250 June 4 high
Resistance 5: 1.3300 figure
Resistance 6: 1.3363 last week’s high
Resistance 7: 1.3400 figure
Resistance 8: 1.3472 June’s high
Support 1: 1.3100 figure
Support 2: 1.3049 current 2018 low
Support 3: 1.3027 October 6, 2017 swing low
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