GBP/USD Price Analysis: Refreshes 12-day top but rising wedge on 4H probes the bulls

  • GBP/USD prints three-day winning streak to probe September 18 top surrounding 1.3000.
  • Resistance line of the bearish chart pattern, 200-bar SMA will be a tough nut to crack for the buyers.
  • 100-bar SMA adds to the downside support below rising wedge’s lower line.

GBP/USD rises to the highest in more than two weeks while trading around 1.2985, the intraday top being 1.2992, during the early Tuesday morning in Asia. In doing so, the Cable attacks 38.2% Fibonacci retracement of the September month’s downside amid upbeat RSI conditions.

However, a bearish chart pattern, the rising wedge, on the four-hour chart (4H) challenges the GBP/USD buyers above the 1.3000 threshold.

Other than the upper line of the sellers’ favorite chart play, 200-bar SMA also adds strength to the 1.3015/20 resistance confluence.

If at all the pair manages to cross 1.3020, the September 10 high near 1.3035 and 61.8% Fibonacci retracement around 1.3175 will be the key to watch.

Alternatively, a downside break of the rising wedge support, at 1.2895 now, needs confirmation from a 100-bar SMA level of 1.2860 before challenging the previous month’s low of 1.2675.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Today last price 1.2989
Today Daily Change 46 pips
Today Daily Change % 0.36%
Today daily open 1.2943
Daily SMA20 1.2878
Daily SMA50 1.3034
Daily SMA100 1.2766
Daily SMA200 1.2718
Previous Daily High 1.2954
Previous Daily Low 1.2837
Previous Weekly High 1.2979
Previous Weekly Low 1.2747
Previous Monthly High 1.3482
Previous Monthly Low 1.2676
Daily Fibonacci 38.2% 1.291
Daily Fibonacci 61.8% 1.2882
Daily Pivot Point S1 1.2869
Daily Pivot Point S2 1.2795
Daily Pivot Point S3 1.2752
Daily Pivot Point R1 1.2986
Daily Pivot Point R2 1.3029
Daily Pivot Point R3 1.3103



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD battles 0.73 on Biden transition news, ahead of data

AUD/USD jumps in tandem with the S&P 500 futures on reports that the US GSA has started the formal Biden transition process. The US dollar clings on to gains amid stronger US data. Australia’s preliminary Trade Balance, RBA’s Debelle in focus. 


Gold in bearish consolidation below $1840, remains vulnerable

Gold (XAU/USD) is nursing losses in Tuesday’s Asian trading, having slumped 2% on Monday to reach the lowest levels in four months at $1831. Vaccine progress, stronger US data hammer gold prices. Focus on vaccine updates and risk sentiment for fresh impetus.

Gold news

GBP/USD stabilises above 1.3300 awaiting Brexit updates

GBP/USD was the best performing USD major on Monday, with the EU and UK seemingly moving ever closer to a deal. The pair nearly surpassed 1.3400 before slipping below 1.3300 on post-data USD strength, although has now recovered back to 1.3320.


Bitcoin risks a correction to $12,000

Peter Brandt, author, and publisher of the Factor Report, has exited around 50% of his Bitcoin position. The veteran trader believes Bitcoin might be poised for a correction to $12,000 in the near future.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info