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GBP/USD Technical Analysis: Ranges ahead between 1.2957 and 1.3100 figure

  • GBP/USD is consolidating below the 1.3100 figure after breaking out of the bull flag (blue dotted lines).
  • GBP/USD is likely to continue consolidating in a sideways motion between 1.2957 and 1.3100.  
  • GBP/USD is trading above its 200-period simple moving average as the bullish bias remains intact.  

GBP/USD 4-hour chart

Spot rate:                         1.3059
Relative change:               -0.45%      
High:                                1.3134
Low:                                 1.3028

Main trend:                      Bullish

Resistance 1:                  1.3100 figure
Resistance 2:                  1.3150 September 21 low
Resistance 3:                  1.3200 figure

   
Support 1:                      1.3050 August 30 swing high, key level
Support 2:                      1.3000 figure  
Support 3:                      1.2957 July 19 swing low  
Support 4:                      1.2900 figure  

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