GBP/USD Technical Analysis: Cable extends bull rally beyond 1.3100 figure

• GBP/USD is up about 120 pips this Friday as the market sold USD on the back of comments from US President Trump criticizing the Federal Reserve Bank to be in a hiking cycle.
• The momentum has momentarily shifted to bullish giving a break to the protracted bear trend of the last weeks. Indeed, the 50 and 100-period simple moving averages have crossed above the 200-period SMA. 
• The next resistances to the upside are seen near 1.3155 and the 1.3200 figure while supports are likely located near 1.3100 figure and 1.3049 June 28 low.

GBP/USD 15-minute chart

Spot rate:               1.3133
Relative change:    0.90%     
High:                      1.3141
Low:                       1.2995

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