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  • GBP/USD main bear trend has been on hold since mid-August as bulls were able to bring Cable above the 50-day simple moving average. The US Federal Reserve Bank raised rates by 25 bps matching consensus. GBP/USD rose above 1.3200 but quickly fell and entered a 60-pip range.
  • GBP/USD is still trading above its 50, 100 and 200-period simple moving averages suggesting a bullish bias. The RSI and MACD indicators are bullishly configured while the Stochastics is dropping from overbought territory.
  • Resistance to the upside can be seen near 1.3200, 1.3300 figure and 1.3363 July high.

GBP/USD 4-hour chart

Spot rate:                         1.3180
Relative change:              0.00%      
High:                                1.3218
Low:                                 1.3138

Main trend:                      Bullish

Resistance 1:                  1.3200 figure (key support/resistance)
Resistance 2:                  1.3300 figure
Resistance 3:                  1.3363 July high
Resistance 4:                  1.3472 June 7 high

Support 1:                      1.3144 key level
Support 2:                      1.3100 figure
Support 3:                      1.3050 August 30 swing high, key level
Support 4:                      1.3000 figure    
Support 5:                      1.2957 July 19 swing low