GBP/USD Technical Analysis: 100-day MA is playing a spoilsport

• The GBP/USD pair is struggling to beat the 100-day moving average hurdle of 1.3162 for the second day, having rallied close to three percent in the last two weeks.
• The bulls need to take out the long-term MA hurdle in the next couple of hours, else a pullback to 1.31 could be in the offing. The rising wedge breakdown seen in the hourly chart is also calling a minor retreat in the GBP/USD pair.

Hourly Chart

Spot Rate: 1.3150

Daily High: 1.3176

Daily Low: 1.3136

Trend: Mildly bearish

Resistance

R1: 1.3162 (100-day MA)

R2: 1.3204 (May 29 low)

R3: 1.3213 (July 26 high)

Support

S1: 1.3125 (5-day MA)

S2: 1.3043 (Aug. 30 high)

S3: 1.2984 (50-day MA)