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  • GBP/USD main bear trend is switching to bullish.  
  • Friday’s sell-off is being bought as bulls are supporting the market above the 1.3050 and the 100-period simple moving average.  
  • GBP/USD is trading above its 50, 100 and 200-period simple moving averages while the RSI indicator is trading above 50 and the Stochastics is rising from oversold condition. All suggesting that the bias remains bullish while GBP/USD trades above 1.3050 key support

GBP/USD-hour chart  

Spot rate:                    1.3143
Relative change:          0.51%      
High:                           1.3162
Low:                            1.3063

Main trend:                 Bullish

Resistance 1:                  1.3144 key level
Resistance 2:                  1.3200 figure (key support/resistance)
Resistance 3:                  1.3300 figure
Resistance 4:                  1.3363 July high
Resistance 5:                  1.3472 June 7 high

Support 1:                  1.3082-1.3100 supply/demand level and figure
Support 2:                  1.3050 August 30 swing high, key level
Support 3:                  1.3000 figure    
Support 4:                  1.2957 July 19 swing low