Home GBP/USD Technical Analysis: descending channel breakout confirms a bullish bias

GBP/USD Technical Analysis: descending channel breakout confirms a bullish bias

Updated: 31 May. 2018 | 10:12

“¢ Break above 100-hour SMA supportive of the up-move for the second straight session.
“¢ Move beyond 200-hour SMA now a key to confirm a near-term bullish breakout.
“¢ Hourly RSI gradually heading towards oversold territory and might cap additional gains.

GBP/USD 1-hourly chart

Spot rate: 1.3338
Trend: Turning bullish

Support 1: 1.3298 (100-hour SMA)
Support 2: 1.3277 (daily low)
Support 3: 1.3204 (May 29th low)

Resistance 1: 1.3349 (200-hour SMA)
Resistance 2: 1.3385 (R3 daily pivot point)
Resistance 3: 1.3422 (May 24th swing high)

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