GBP/USD technical analysis: Cable challenges multi-week tops near the 1.2500 handle

09/17/2019 16:56:40 GMT|ByFlavio Tosti

The Sterling is rising sharply this Tuesday as the Greenback is weakening across the board.
The market is challenging multi-week highs and if GBP/USD surpasses the 1.2510 resistance, it can open the gates to more gains.

GBP/USD daily chart

The Pound is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, in September, GBP/USD has been on the rise as the market is challenging the 1.2500 handle and the 100 SMA.

GBP/USD four-hour chart

The Pound is trading above the main SMAs, suggesting bullish momentum in the medium term. The market is testing multi-week highs near the 1.2500 handle. On a break above 1.2512, GBP/USD might continue to rise towards 1.2551 and 1.2577 price levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling erased the Monday’s losses and is clinging to daily highs. Immediate support is seen at 1.2486 and 1.2447. Furter down lie 1.2422 and 1.2396, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2498
Today Daily Change	0.0068
Today Daily Change %	0.55
Today daily open	1.243

Trends
Daily SMA20	1.226
Daily SMA50	1.2278
Daily SMA100	1.2512
Daily SMA200	1.2741

Levels
Previous Daily High	1.2506
Previous Daily Low	1.2399
Previous Weekly High	1.2508
Previous Weekly Low	1.2234
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.244
Daily Fibonacci 61.8%	1.2465
Daily Pivot Point S1	1.2384
Daily Pivot Point S2	1.2338
Daily Pivot Point S3	1.2278
Daily Pivot Point R1	1.2491
Daily Pivot Point R2	1.2551
Daily Pivot Point R3	1.2597

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