- GBP/USD got a strong 50-pip boost in early European trading finding support near the 1.3070 level. GBP/USD is now close to the weekly high and investors are debating whether to breakout above 1.3155 or to resume the main bear trend.
- The market is currently having a pullback from the daily highs and a retest of 1.3100 should act as short-term support. A breakout below 1.3070 could be seen as a sign of bullish weakness.
- As it stands bulls have a slight advantage and given the bullish pressure a breakout above 1.3155 would not be surprising.
GBP/USD 15-minute chart
Spot rate: 1.3114
Relative change: 0.11%
High: 1.3139
Low: 1.3071
Trend: Bearish / Risk of bullish reversal
Resistance 1: 1.3155 former breakout point
Resistance 2: 1.3200 figure
Resistance 3: 1.3250 June 4 high
Support 1: 1.3100 figure
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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