GBP/USD Price Analysis: Cable find some resistance ahead of the previous wave high at 1.3170


  • GBP/USD trades 0.43% higher but has found some resistance ahead of 1.3170.
  • There are some key support zones close by and if the price moves lower they might be significant.

GBP/USD 30-minute chart

Ahead of the Bank of England (BoE) meeting tomorrow GBP/USD has stalled at the previous wave high on the chart below (blue line). There is not expected to be any change to rates or QE at the meeting tomorrow but traders will be looking closely at the language used. They are expected to keep a cautious tone which is understandable considering the uncertain nature in the world due to the COVID-19 pandemic. 

Looking closer at the chart, the next major support level is at the orange line near the psychological 1.31 area. Beyond that, the main consolidation low stands at 1.2981 just below the red support zone. There is a black downward sloping internal trendline that has been used as both support and resistance that also could provide support.

The indicators are looking mixed at the moment. The MACD histogram is red but the signal lines are above the zero level. The Relative Strength Index is still above the 50 mark and there is still room to move into the overbought area. 

Overall the pair is still in an uptrend. This is mainly due to USD weakness rather than GBP strength. It is very difficult to predict an end to this trend at the moment but there could be some interesting volatility which could lead to opportunity after the BoE meeting tomorrow. If the price does move lower it could represent another good buying opportunity due to the unrelenting weakness in the greenback.

GBP/USD Technical Analysis

Additional levels

GBP/USD

Overview
Today last price 1.3127
Today Daily Change 0.0055
Today Daily Change % 0.42
Today daily open 1.3072
 
Trends
Daily SMA20 1.2773
Daily SMA50 1.2609
Daily SMA100 1.2443
Daily SMA200 1.2707
 
Levels
Previous Daily High 1.3108
Previous Daily Low 1.2982
Previous Weekly High 1.317
Previous Weekly Low 1.2782
Previous Monthly High 1.317
Previous Monthly Low 1.236
Daily Fibonacci 38.2% 1.303
Daily Fibonacci 61.8% 1.306
Daily Pivot Point S1 1.3
Daily Pivot Point S2 1.2927
Daily Pivot Point S3 1.2873
Daily Pivot Point R1 1.3126
Daily Pivot Point R2 1.318
Daily Pivot Point R3 1.3253

 

 

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