GBP/USD Price Analysis: Cable refreshes multi-month highs

GBP/USD jumps to the highest level in over 2-1/2 years.
The weekly chart shows bulls are in control.

Omkar Godbole FXStreet Contributor

GBP/USD is trading at 1.3690 at press time. That's the highest level since April 2018. The previous 31-month high of 1.3686 was reached last week.

The inverse head-and-shoulders breakout seen on the weekly chart indicates the path of least resistance is to the higher side, and significant resistance is currently located at 1.4056. That level is presently housing the trendline falling from 2007 highs.

The broader bias would remain bullish while the pair is held above the previous week's low of 1.3429.

As for today, the former daily chart hurdle-turned-support of 1.3625 is the level to beat for the sellers.

Weekly chart

Trend: Bullish

Technical levels

GBP/USD

Overview
Today last price	1.3688
Today Daily Change	0.0022
Today Daily Change %	0.16
Today daily open	1.3666

Trends
Daily SMA20	1.3465
Daily SMA50	1.3308
Daily SMA100	1.3161
Daily SMA200	1.2852

Levels
Previous Daily High	1.3679
Previous Daily Low	1.3662
Previous Weekly High	1.3686
Previous Weekly Low	1.343
Previous Monthly High	1.3686
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3669
Daily Fibonacci 61.8%	1.3673
Daily Pivot Point S1	1.3659
Daily Pivot Point S2	1.3652
Daily Pivot Point S3	1.3642
Daily Pivot Point R1	1.3676
Daily Pivot Point R2	1.3686
Daily Pivot Point R3	1.3693

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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