News

GBP/USD technical analysis: Cable is trading near October lows after US inflation

  • The US Core Consumer Price Index (CPI) came out as expected at 2.4% YoY. 
  • The level to beat for bears is the 1.2200 support. 
 
 

GBP/USD daily chart

 
 
On the daily chart, the Cable is trading in a downtrend below the main daily simple moving averages (DSMAs). The US Core Consumer Price Index (CPI) came out as expected at 2.4% YoY. 
 
 

GBP/USD four-hour chart

 
GBP/USD is trading just above the 1.2200/1.2226 support zone. A break below 1.2200 is necessary for a breakdown towards 1.2130 support, according to the Technical Confluences Indicator.
 
 
 
 

GBP/USD 30-minute chart

 
 
The Sterling is trading between the 100 and 200 SMAs, suggesting a consolidation phase in the near term. Resistances are seen at the 1.2255 and 1.2280 price levels, 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.