GBP/USD Technical Analysis: Upside calling

• The GBP/USD 15-minute chart shows a bull flag breakout, a bullish continuation pattern, which indicates the recovery from the previous day’s low of 1.2957 is set to gather pace.  
• The pair could re-test June 28 low of 1.3050.

15-minute chart

Spot Rate: 1.3030

Daily High: 1.3030

Daily Low: 1.2995

Trend: Intraday bullish

Resistance

R1: 1.3050 (June 28 low)

R2: 1.31 (psychological hurdle)

R3: 1.3163 (10-day moving average)

Support

S1: 1.30 (Psychological support + 20-hour MA)

S2: 1.2970 (hourly Bollinger Bands support)

S3: 1.2957 (previous day’s low)