News

GBP/USD technical analysis: Cable easing from daily highs near 1.2350 level

  • The Sterling has been on a rollercoaster this Thursday as the marked dipped below 1.2300 and corrected up to 1.2360.
  • The market is neutral to bearish trading within its weekly range.
 

GBP/USD daily chart

 
The Pound is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). GBP/USD is in consolidation mode below the 1.2400 handle.

GBP/USD four-hour chart

 
GBP/USD had a sharp recovery to the 1.2360 level. Bulls are looking for a break above this level and more importantly a daily close above 1.2400 resistance which can open the doors to a run-up to the 1.2460 resistance, according to the Technical Confluences Indicator
 

GBP/USD 30-minute chart

 
The Sterling is trading within its weekly range, suggesting neutral momentum in the short term. Bears would need a break below 1.2317 to open the doors for a run to 1.2240, 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.