News

GBP/USD technical analysis: Cable clings to multi-month highs near 1.2700 into the London close

  • EU27 tunnel negotiations with the United Kingdom triggered another leg up. 
  • GBP/USD is keeping the bullish pressure on into the London close. 

 

GBP/USD daily chart

 
 
The Cable, on the daily chart, is trading in a bear trend below its 200-day simple moving average (DSMA). However, GBP/USD is up about 500 pips from the October lows as the Cable is on track to its biggest two-day rally since 2016. The last leg up was triggered as EU’s Chief Brexit Negotiator Barnier gave the green light from the EU27 for a tunnel negotiation with the United Kingdom.
 
 

GBP/USD four-hour chart

 
GBP/USD is challenging the 1.2700 handle into the London close. If the market breaks above this level, the next resistance of interest can be the 1.2800 handle. 

GBP/USD 30-minute chart

 
 
The Sterling is trading above its main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2600, 1.2543/30 zone and the 1.2477 level, according to the Technical Confluences Indicator
 
 

Additional key levels

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.