GBP/USD Technical Analysis: Cable down 120 pips trading near 1.1320 level

• GBP/USD had a spike down to 1.3068 and then bulls attempted a reversal up with an 80-pip move to the upside. The confusion was led by UK politics: Big slippage in GBP/USD on turnaround victory for the government on trade bill amendment.
• GBP/USD remains contained below 1.3155 resistance as the reversal up lacked immediate bullish follow-through. However, a breakout above 1.3155 would probably be a sign of weakness for bears. 
• Although the reversal up attempt was sharp, there is no sign of a clear bottom just yet and the pair seems willing to make another attempt at the 1.3100 level.

GBP/USD 15-minute chart 

Spot rate:               1.3118
Relative change:    -0.88%     
High:                      1.3270
Low:                       1.3068

Trend:                    Bearish

Resistance 1:        1.3155 former breakout point
Resistance 2:        1.3200 figure
Resistance 3:        1.3225 intraday swing low 
Resistance 4:        1.3250 June 4 high 
Resistance 5:        1.3300 figure
Resistance 6:        1.3363 last week’s high
Resistance 7:        1.3400 figure
Resistance 8:        1.3472 June’s high

Support 1:             1.3100 figure
Support 2:             1.3049 current 2018 low
Support 3:             1.3027 October 6, 2017 swing low