GBP/USD Price Analysis: Pound reverses up from multi-week lows, bulls eyeing 1.3180 level

 

 

After the October and December bull-market, the pound is trading in a rectangle consolidation above the 100/200-day simple moving averages (SMAs). The spot is nearing the 1.3100 figure and the 50 SMA. 

 

 

The pound is bouncing from multi-week lows as the spot is challenging the 200 SMA on the four-hour chart. As buyers are back in control the spot will likely attempt to break above the 1.3082 resistance to reach higher levels near the 1.3155/80 resistance zone. Support is seen near the 1.3020 and 1.2987 price levels, according to the Technical Confluences Indicator.