GBP/USD technical analysis: Cable trading near session’s highs approaching the 1.2900 handle

10/23/2019 13:00:47 GMT|ByFlavio Tosti

GBP/USD is consolidating Tuesday’s losses near the 1.2900 handle.
The level to beat for bears is the 1.2815 support.

GBP/USD daily chart

The Pound, on the daily chart, had a spike above the main daily simple moving averages (DSMAs) while hitting levels not seen since mid-May 2019. The Brexit headlines remain the main drivers behind GBP/USD moves. UK PM Johnson spokesman: If EU offers January extension, there will need to be an election.

GBP/USD four-hour chart

The Cable is trading in a bull channel above the main SMAs. After a pullback down, the market is now attempting to regain the 1.2900 handle. A break above 1.2908 can lead to further gains towards 1.2935/50 resistance zone, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading below the 100 and 200 SMAs, suggesting a potential bearish momentum in the near term. Bears need to reclaim the 1.2880 level to trade towards the 1.2815 and 1.2772 support levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2887
Today Daily Change	0.0013
Today Daily Change %	0.10
Today daily open	1.2874

Trends
Daily SMA20	1.2512
Daily SMA50	1.2375
Daily SMA100	1.2426
Daily SMA200	1.2716

Levels
Previous Daily High	1.3001
Previous Daily Low	1.286
Previous Weekly High	1.299
Previous Weekly Low	1.2515
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2914
Daily Fibonacci 61.8%	1.2947
Daily Pivot Point S1	1.2822
Daily Pivot Point S2	1.277
Daily Pivot Point S3	1.2681
Daily Pivot Point R1	1.2963
Daily Pivot Point R2	1.3052
Daily Pivot Point R3	1.3104

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.

{{Text}}

News