GBP/USD Price Analysis: Cable pushes higher but watch out for the resistance

GBP/USD is trading higher on Thursday as the US dollar sells off across the board.
There is a resistance zone and a trendline quite close by that the bulls will need to watch out for.

Rajan Dhall, MSTA FX Daily

GBP/USD Daily Chart

Cable is pushing higher today and trades over half a per cent in the black.

The price is headed to a resistance zone that is marked in red on the chart at 1.2966.

This is interesting as the price broke the consolidation low four sessions ago.

There had been rumours that the Bank of England would copy the Fed with an emergency cut but this never transpired.

The psychological 1.30 could also be important and I am sure the bulls will be watching these resistances closely.

Another sticky point could be the trendline at the top of the chart but the other zones are up first.

Additional Levels

GBP/USD

Overview
Today last price	1.2935
Today Daily Change	0.0067
Today Daily Change %	0.52
Today daily open	1.2868

Trends
Daily SMA20	1.2925
Daily SMA50	1.3016
Daily SMA100	1.2991
Daily SMA200	1.2703

Levels
Previous Daily High	1.2872
Previous Daily Low	1.277
Previous Weekly High	1.3018
Previous Weekly Low	1.2726
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2833
Daily Fibonacci 61.8%	1.2809
Daily Pivot Point S1	1.2801
Daily Pivot Point S2	1.2735
Daily Pivot Point S3	1.27
Daily Pivot Point R1	1.2903
Daily Pivot Point R2	1.2938
Daily Pivot Point R3	1.3005

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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