GBP/USD Technical Analysis: Cable is back down below 1.3200 figure as bulls take a breather

  • GBP/USD is in a bull trend above the 200-period simple moving average.
  • GBP/USD has rejected the 1.3200 figure suggesting that the market might enter a consolidation phase below the level. 
  • Failure to recapture 1.3237 (the current October 16 high) can lead to a pullback down towards 1.3140 (current October 16 low) in the coming sessions.

GBP/USD 4-hour chart

Spot rate:                         1.3184
Relative change:              0.24%     
High:                                1.3237
Low:                                 1.3140

Main trend:                      Bullish

Resistance 1:                  1.3200 figure
Resistance 1:                  1.3259 October 12 high
Resistance 2:                  1.3300 September 20 high
Resistance 3:                  1.3370 July 9 high
Resistance 4:                  1.3400 figure

Support 1:                      1.3140 current October 16 low
Support 2:                      1.3100 figure
Support 3:                      1.3050 August 30 swing high, key level
Support 4:                      1.3028 October 8 low
Support 5:                      1.3000 figure 
Support 6:                      1.2957 July 19 swing low  

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