GBP/USD Technical Analysis: Cable challenging weekly high near 1.3280 post-NFP

• GBP/USD is testing the weekly high at 1.3275 after the release of the US Non Farm Payrolls and the Average Hourly Earnings. The NFP came above expectations at 213K versus 195K expected in June, while wage’s growth came slightly below expectations at 2.7% vs. 2.8% forecast.
• GBP/USD is currently in a 6-day bear flag in a bear trend while bulls see the current consolidation as the start of a bull trend. GBP/USD bulls will need to overcome the 200-period simple moving average (SMA) on the 4-hour chart at 1.3284 and the 1.3314 June 22 swing high to the uspide.

GBP/USD 15-minute chart

Spot rate:               1.3263
Relative change:     0.29%     
High:                      1.3276
Low:                       1.3203

Trend:                    Bullish

Resistance 1:        1.3276 current weekly high
Resistance 2:        1.3284, 200-period SMA
Resistance 3:        1.3314 June 22 swing high

Support 1:             1.3250 Wednesday’s high
Support 2:             1.3200 figure
Support 3:             1.3155 former breakout point
Support 4:             1.3100 figure
Support 5:             1.3049 current 2018 low
Support 6:             1.3027 October 6, 2017 swing low