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  • GBP/USD bulls attempted to break Monday’s high at 1.3342 but when the pair reached 1.3349 as the American session started, the bears drove the pair 70 pips lower, virtually erasing all gains made in Asia and early Europe.
  • The bulls are hanging just below the 1.3300 handle supported by the 200-period simple moving average on the 15-minute chart but it remains to be seen if the bulls can actually create a strong support at this level.  
  • The current 140-pip move higher from Tuesday  is a bear flag in a bear trend, so the risks remains to the downside.

GBP/USD 15-minute chart

Spot rate:                1.3290
Relative change:    0.02%      
High:                        1.3349
Low:                         1.3277

Trend:                       Bearish

Support 1:              1.3242 Wednesday’s low
Support 2:              1.3205 figure and 2018 low
Support 3:              1.3150 psychological figure

Resistance 1:        1.3349 current Thursday’s high
Resistance 2:        1.3400 handle and near May 24 high
Resistance 3:        1.3450 May 22 high