GBP/USD Technical Analysis: GBP/USD bulls going for the reversal from the new 2018 low

  • GBP/USD is up almost 60 pips from the daily low at 1.3010, the current 2018 low established earlier in the day. 
  • GBP/USD bulls are trying to create a bullish reversal. The next scaling point to the upside is seen near the key 1.3100 figure. A breakout above the level would open the gates to 1.3155 resistance. 
  • However, a failure to bring the market above 1.3100 should keep GBP/USD under pressure.  

GBP/USD 15-minute chart 

Spot rate:               1.3063
Relative change:    -0.41%     
High:                      1.3120
Low:                       1.3010

Trend:                    Bearish / bullish reversal attempt

Resistance 1:        1.3100 figure 
Resistance 2:        1.3155 former breakout point
Resistance 3:        1.3200 figure
Resistance 4:        1.3225 intraday swing low 
Resistance 5:        1.3250 June 4 high 
Resistance 6:        1.3300 figure
Resistance 7:        1.3363 last week’s high
Resistance 8:        1.3400 figure
Resistance 9:        1.3472 June’s high

Support 1:             1.3049 former 2018 low
Support 2:             1.3010 current 2018 low
Support 3:             1.3027 October 6, 2017 swing low

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