GBP/USD Technical Analysis: Cable consolidating 160-pip bull breakout below 1.3250

• GBP/USD had a 160-pip bull breakout on the back of the Bank of England hawkish comments earlier in Europe, it is now consolidating below the 1.3250 level. 
• GBP/USD had a strong impulsive move after reaching a new 2018 low at 1.3146. Bulls’ objective is to bring the market above the 1.3250 figure in order to reach the key 1.3300 level. 
• On the other hand, bears will try to initially reach the 1.3214, Wednesday’s high.

GBP/USD 15-minute chart

Spot rate:               1.3243
Relative change:     0.53%     
High:                      1.3271
Low:                       1.3102

Trend:                    Neutral

Resistance 1:        1.3250 figure    
Resistance 2:        1.3300 key support
Resistance 3:        1.3400 figure

Support 1:             1.3200-1.3214 area, figure and Wednesday’s high
Support 2:             1.3146, current 2018 low
Support 3:             1.3100 figure