GBP/USD Technical Analysis: Cable bulls giving up nothing, holding on tight above 1.2900 figure

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  • GBP/USD bears are eager to push the market below 1.2900 psychological level in order to resume the main bear trend. However, GBP/USD is evolving in a bull channel above the 50, 100 and 200-period simple moving averages. The RSI, MACD and Stochastics are constructive to the upside. 
  • The key levels to break for bull are 1.2957 (July 19 swing low) and 1.3050 (August 30 swing high)
  • A bear breakout below 1.2800 would invalidate the short-term bullish bias. 

GBP/USD 4-hour chart


	GBP/USD Technical Analysis: Cable bulls giving up nothing, holding on tight above 1.2900 figure

Spot rate:               1.2945
Relative change:     0.22%     
High:                      1.2956
Low:                       1.2897

Main trend:                 Bearish 
Short-term trend:        Bullish above 1.2800

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

Support 1:        1.2937 August 22 swing high
Support 2:        1.2900 figure
Support 3:        1.2868 August 22 low 
Support 4:        1.2845, August 29 low
Support 5:        1.2800 August 24 swing low

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