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  • GBP/USD had a muted reaction following the release of the FOMC minutes as the pair continued its consolidation after GBP/USD lost about 65 pips from the daily highs printed at 1.3275.  
  • GBP/USD has been pushing higher for the last four days, however, the move higher is seen as a bear flag by bears who have been selling during the four-day pullback. On the other hand, bulls see the move as the start of a new bull trend. A bull breakout above the current weekly high at 1.3275 might see some bears giving up and new bulls entering the market.  
  • The NFP (Non-Farm Payrolls) report this Friday should offer some great volatility.

GBP/USD 15-minute chart  

Spot rate:               1.3216
Relative change:     -0.08%      
High:                      1.3275
Low:                       1.3204

Trend:                    Bearish below 1.3275

Resistance 1:        1.3251 Wednesday high
Resistance 2:        1.3275, weekly high
Resistance 3:        1.3300 figure

Support 1:             1.3200 figure
Support 2:             1.3155 former breakout point
Support 3:             1.3100 figure
Support 4:             1.3049 current 2018 low
Support 5:             1.3027 October 6, 2017 swing low