• GBP/USD bulls hopeful amid technical breakout, bullish RSI.
  • A sustained move above 1.2960 is needed to target 1.3000.
  • Brexit negotiations will be closely followed on Monday.

GBP/USD is building on Friday’s sharp recovery from below 1.2900 so far this Monday, as the bulls remain hopeful of some positive developments from a fresh round of Brexit negotiations likely to be held between EU’s Chief Negotiator Michel Barnier and his British counterpart David Frost.

From a near-term technical perspective, the spot has confirmed a descending triangle breakout on the hourly chart, opening doors for a rally towards 1.3100.

On its way north, the price will confront powerful resistance at 1.2960, the confluence of the horizontal 200-hourly moving average (HMA) and downward-sloping 100-HMA.

The hourly Relative Strength Index (RSI) holds firmer within the bullish territory, currently at 60.23, suggesting more room to the upside.

A sustained move above the aforesaid barrier is needed to make another attempt towards the 1.3000 level. A break above which the October 14 high at 1.3064 will be put to test.

Alternatively, strong support at 1.2925 will restrict immediate pullbacks. That level is the confluence of the 21 and 50-HMAs.

Acceptance below the latter would bring the descending trendline resistance-turned-support at 1.2913 back in play.

GBP/USD: Hourly chart

GBP/USD: Additional levels


Today last price 1.2957
Today Daily Change 0.0030
Today Daily Change % 0.23
Today daily open 1.2918
Daily SMA20 1.2891
Daily SMA50 1.3017
Daily SMA100 1.2837
Daily SMA200 1.271
Previous Daily High 1.2962
Previous Daily Low 1.2864
Previous Weekly High 1.3083
Previous Weekly Low 1.2863
Previous Monthly High 1.3482
Previous Monthly Low 1.2676
Daily Fibonacci 38.2% 1.2925
Daily Fibonacci 61.8% 1.2901
Daily Pivot Point S1 1.2867
Daily Pivot Point S2 1.2816
Daily Pivot Point S3 1.2768
Daily Pivot Point R1 1.2965
Daily Pivot Point R2 1.3013
Daily Pivot Point R3 1.3064


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD has lost its bullish momentum after having climbed above 1.0570 with the initial reaction to the US data in the American session and retreated toward the mid-1.0500s. On a weekly basis, the pair remains on track to close in positive territory. 


GBP/USD struggles to hold above 1.2300

GBP/USD struggles to hold above 1.2300

GBP/USD has edged lower following a jump above 1.2300 in the early American session on Friday. The market mood remains upbeat ahead of the weekend with Wall Street's main indexes posting strong daily gains on upbeat US data. 


Gold stays below $1,830 as US yields edge higher

Gold stays below $1,830 as US yields edge higher

Gold continues to fluctuate below $1,830 on Friday and looks to close the second straight week in negative territory. Fueled by the risk-positive market environment, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, limiting XAU/USD's upside.

Gold News

Why Cardano could surprise over the weekend

Why Cardano could surprise over the weekend

ADA  set to close out the week with a gain on the workday trading week and over the weekend? Central banks signaled that the rate hike cycle is ending, meaning less stress and tight conditions for trading, opening up room for some upside potential with Cardano set to pop above $0.55 and test a significant cap.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!