GBP/USD Price Analysis: 2019 is a pivotal year for the pound

GBP/USD is about to end 2019 on strong note.
The 1.3400/1.3600 price zone are the levels to beat for bulls in 2020.

Flavio Tosti Independent Analyst

GBP/USD weekly chart

The cable is trading off the 2019 high above the 1.3000 big figure. The market is also challenging a downward sloping 200-period weekly simple moving average (SMA). Since August this year, the market essentially reversed course and 2019 can bee seen as a potential reversal year for the pound. If the buyers can have a weekly close above the 1.3400/1.3600 price zone in 2020, it would probably be a strong indication that further gains are on the cards.

GBP/USD daily chart

The spot is trading above a flat 200-day SMA while holding above the 50 SMA. However, the strong rejection near the 2019 highs can indicate further consolidation ahead. The current bullish bias would likely weaken on a daily close below the 1.2700/1.2600 price zone as this was an important support/resistance in the past year.

GBP/USD four-hour chart

The market is correcting the steep decline seen in mid-December and is now challenging the 1.3121 resistance near the 100 SMA on the four-hour chart. Bulls want to keep the pressure on the reach the 1.3169, 1.3210 and 1.3251 levels. Support is seen at the 1.3087, 1.3049, 1.3032 and 1.2991 levels according to the Technical Confluences Indicator.

Additional Key Levels

GBP/USD

Overview
Today last price	1.3126
Today Daily Change	0.0051
Today Daily Change %	0.39
Today daily open	1.3075

Trends
Daily SMA20	1.3096
Daily SMA50	1.2969
Daily SMA100	1.2655
Daily SMA200	1.2691

Levels
Previous Daily High	1.3119
Previous Daily Low	1.2966
Previous Weekly High	1.3119
Previous Weekly Low	1.2905
Previous Monthly High	1.2986
Previous Monthly Low	1.2769
Daily Fibonacci 38.2%	1.3061
Daily Fibonacci 61.8%	1.3025
Daily Pivot Point S1	1.2988
Daily Pivot Point S2	1.2901
Daily Pivot Point S3	1.2836
Daily Pivot Point R1	1.3141
Daily Pivot Point R2	1.3206
Daily Pivot Point R3	1.3293

Author

Flavio Tosti

Independent Analyst

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