GBP/USD Technical Analysis: Cable in retracement mode and testing 1.3100 figure ahead of FOMC

• GBP/USD is trading in a bull trend above the 200-period simple moving average on the 4-hour chart ahead of the FOMC at 19.00 GMT.
• GBP/USD is retracing the recent surge up as the market is testing the 1.3100 figure. The RSI, MACD and Stochastic indicators are decelerating suggesting continued weakness in the sessions ahead.  
• Targets to the downside can be located near 1.3043 (October 23 high) and 1.3000 figure.

 GBP/USD 4-hour chart

Main trend:                      Bullish
Short-term:                      Bearish

Resistance 1:                  1.3150 figure
Resistance 2:                  1.3200 figure
Resistance 3:                  1.3259 October 12 high

Support 1:                      1.3100 figure
Support 2:                      1.3043, October 23 high
Support 3:                      1.3000 figure
Support 4:                      1.2947 key resistance
Support 5:                      1.2921 October 4 low
Support 6:                      1.2900 figure
Support 7:                      1.2854 October 29

Additional key levels at a glance: