GBP/USD technical analysis: The 1.2360 resistance level caps the Cable

09/10/2019 18:29:52 GMT|ByFlavio Tosti

The Sterling might be losing steam as 1.2360 is a tough nut to crack.
Support is seen at 1.2315 and 1.2270 price levels, according to the Technical Confluences Indicator.

GBP/USD daily chart

The Sterling is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, GBP/USD is attempting to create a double bottom with the August lows as the market is parked below the 1.2400 figure.

GBP/USD four-hour chart

GBP/USD is trying to break above 1.2360 resistance. Bulls have been trying their luck repeatedly over the last three days. A break beyond this level can expose the 1.2411 and 1.2450 resistances, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Pound is trading above the main SMAs, suggesting bullish momentum in the near term. Bears need to reclaim the 1.2315 support to create a pullback down towards 1.2270 and 1.2244 support, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2348
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.2346

Trends
Daily SMA20	1.2187
Daily SMA50	1.2295
Daily SMA100	1.2539
Daily SMA200	1.2749

Levels
Previous Daily High	1.2385
Previous Daily Low	1.2234
Previous Weekly High	1.2354
Previous Weekly Low	1.1958
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2327
Daily Fibonacci 61.8%	1.2292
Daily Pivot Point S1	1.2258
Daily Pivot Point S2	1.217
Daily Pivot Point S3	1.2106
Daily Pivot Point R1	1.241
Daily Pivot Point R2	1.2473
Daily Pivot Point R3	1.2562

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