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  • GBP/USD is consolidating the gains of the last weeks in a bull flag above 1.2957 level which has been a key level in the last months of trading.
  • GBP/USD broke below its 200-period simple moving average and below the bear trendline (blue) while the MACD and Stochastics are displaying divergence with the current price. GBP/USD is equally finding support above the key 1.2957 level (July 19 swing low).
  • Bulls objective is to reclaim 1.3000 to target 1.3200 figure. A bear breakout below 1.2957 would be seen as bearish and invalidate the bullish reversal.    

GBP/USD 4-hour chart

Spot rate:                         1.2980
Relative change:              0.45%      
High:                                1.3052
Low:                                 1.2941

Main trend:                      Bullish
Short-term trend:             Neutral

Resistance 1:                  1.3000 figure    
Resistance 2:                  1.3050 August 30 swing high, key level
Resistance 3:                  1.3100 figure
Resistance 4:                  1.3144 key level
Resistance 5:                  1.3200 figure (key support/resistance)
Resistance 6:                  1.3300 figure
Resistance 7:                  1.3363 July high
Resistance 8:                  1.3472 June 7 high
   
Support 1:                      1.2957 July 19 swing low
Support 2:                      1.2900 figure  
Support 3:                      1.2800 figure