GBP/USD technical analysis: Cable trading at daily highs on Brexit optimism

10/29/2019 14:16:16 GMT|ByFlavio Tosti

GBP/USD bounced sharply from the 1.2815 support on Brexit optimism.
GBP/USD is challenging the 1.2880 resistance in the New York session.

GBP/USD daily chart

The Cable in October spiked up above the main daily simple moving averages (DMAs) and hit levels not seen since mid-May 2019. It has been reported on Tuesday that the UK Labour party will join other political parties and back elections in December. The European Union has approved extending the Brexit to January 2020. The GBP liked the news and jumped.

GBP/USD four-hour chart

GBP/USD is consolidating sideways below the 1.2900 handle and the 50 SMA. Once again, the spot is challenging the 1.2880 resistance near the 50 SMA. If the market can surpass that level there might be room for a retest of the 1.2950/1.3000 zone, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading above its main SMAs, suggesting bulls are picking up some steam in the near term. Support is seen at 1.2850 and 1.2815, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2874
Today Daily Change	0.0014
Today Daily Change %	0.11
Today daily open	1.286

Trends
Daily SMA20	1.2622
Daily SMA50	1.2436
Daily SMA100	1.2433
Daily SMA200	1.2715

Levels
Previous Daily High	1.2878
Previous Daily Low	1.2811
Previous Weekly High	1.3013
Previous Weekly Low	1.2787
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2852
Daily Fibonacci 61.8%	1.2836
Daily Pivot Point S1	1.2822
Daily Pivot Point S2	1.2783
Daily Pivot Point S3	1.2755
Daily Pivot Point R1	1.2888
Daily Pivot Point R2	1.2916
Daily Pivot Point R3	1.2955

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