GBP/USD Technical Analysis: Pound hit hard by bears, hovering in 1.3400 region

• GBP/USD finds intraday resistance at the 1.3470 level and spiked about 100 pips down now consolidating the bear breakout near the 1.3400 handle.
• The bears finally broke below the trendline of the rising wedge (blue lines) and while the medium-term trend is still up, a deeper pullback towards the 1.3333 Tuesday’s swing low can be expected.
• The damage made by the bears suggests a rotation back towards the ascending channel (black line).

GBP/USD 15-minute chart

Spot rate:               1.3400
Relative change:   -0.10%     
High:                      1.3472
Low:                       1.3374

Trend:                    Neutral 

Support 1:             1.3374 current Thursday’s low
Support 2:             1.3333 Tuesday's intraday swing low
Support 3:             1.3300 handle

Resistance 1:        1.3440 intraday supply level
Resistance 2:        1.3470-1.3500 current Thursday’s high and figure
Resistance 3:        1.3586 daily 200-period simple moving average