GBP/USD Technical: GBP/USD consolidation phase below 1.3155 level

• GBP/USD started the week by attempting to breakout above last Friday’s high without any success yet Cable is currently in a 40-pip range near the 1.3120 level.
• GBP/USD received a considerable boost at the end of last week and bulls will try to build on the current momentum. On the other hand, bears are seeing this pullback as a bargain to short from higher prices relative to the 2018 low at 1.2957
• Cable bulls objective is to breakout above 1.3155 while bears want a resumption of the main bear trend. As of writing, the bullish correction is slowly losing steam and a bearish breakout below 1.3100 could open the gates to 1.3049. 

GBP/USD 15-minute chart 

Spot rate:               1.3117
Relative change:    0.10%     
High:                      1.3159
Low:                       1.3113

Trend:                    Bearish / Bullish correction

Resistance 1:        1.3155 former breakout point
Resistance 2:        1.3200 figure
Resistance 3:        1.3250 June 4 high 

 
Support 1:             1.3100 figure 
Support 2:             1.3049 June 28 low
Support 3:             1.3010 July 18 low
Support 4:             1.2957 current 2018 low
Support 5:             1.2908 September 5, 2017 low 
Support 6:             1.2774 August 24, 2017 low