Cable shorts getting squeezed as bulls break above 1.3100 and now target 1.3200 figure


  • GBP/USD is trading in a bull trend as it is evolving above its 50, 100 and 200-period.
  • GBP/USD broke above a bull flag (blue lines) and now broke above the 1.3100 figure. The picture remains bullish on GBP/USD as long as the market trade above 1.2957-1.3000 figure. 
  • Bulls are now closer to the 1.3200 target as 1.3300 will become the next challenge for buyers.

GBP/USD 4-hour chart

Spot rate:                         1.3138
Relative change:              0.38%     
High:                                1.3149
Low:                                 1.3033

Main trend:                      Bullish

Resistance 1:                  1.3150 September 21 low
Resistance 2:                  1.3200 figure
Resistance 3:                  1.3300 figure

Support 1:                      1.3100 figure
Support 2:                      1.3050 August 30 swing high, key level
Support 3:                      1.3028 October 8 low
Support 4:                      1.3000 figure 
Support 5:                      1.2957 July 19 swing low  
Support 6:                      1.2900 figure 



Source link



Leave a Reply

error: Content is protected !!