GBP/USD Technical: Cable having pullback from daily highs - Trading above 1.3100

• GBP/USD got a strong 50-pip boost in early European trading finding support near the 1.3070 level. GBP/USD is now close to the weekly high and investors are debating whether to breakout above 1.3155 or to resume the main bear trend. 
• The market is currently having a pullback from the daily highs and a retest of 1.3100 should act as short-term support. A breakout below 1.3070 could be seen as a sign of bullish weakness.
• As it stands bulls have a slight advantage and given the bullish pressure a breakout above 1.3155 would not be surprising. 

GBP/USD 15-minute chart 

Spot rate:               1.3114
Relative change:    0.11%     
High:                      1.3139
Low:                       1.3071

Trend:                    Bearish / Risk of bullish reversal

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