News

GBP/USD technical analysis: Cable gaining 200 pips on the day, challenging 1.2400 handle on Brexit hopes

  • GBP/USD soars 200 pips as Irish PM Varadkar believes it’s possible to reach a deal before October 31st.
  • GBP/USD is challenging the 1.2400 handle while spanning the entire October range.  
 

GBP/USD daily chart

 
 
On the daily chart, the Cable is trading in a bear trend below the 200-day simple moving average (DSMA). GBP/USD is on fire as Irish PM Varadkar believes it’s possible to reach a deal before October 31st.
 

 

GBP/USD four-hour chart

 
GBP/USD is challenging the 1.2400 handle as GBP/USD spanned its entire current monthly range. A daily close above the current resistance at 1.2400 can lead to further strength towards the 1.2500 figure.
 

 GBP/USD 30-minute chart

 
 
The Sterling is trading above the main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2360 and 1.2340 price levels. 
 
 

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.