GBP/USD Technical Analysis: Brexit hopes keeping the Cable pinned above 1.3100

The past twenty-four hours have seen the GBP/USD take steps higher, largely fueled by staunch hopes for a last-minute Brexit deal, but 1.3100 is proving to be something of a bear trap heading into the mid-week inflection point.
GBP/USD Forecast: Bulls add Mid-Terms on top of Brexit hopes, 1.3250 eyed

Joshua Gibson FXStreet

GBP/USD M5

This week has marked an easy gainer for the Cable, lifting from opening prices near 1.3020, and sequential higher lows and providing a nice jumping-off point for reloading buys.

GBP/USD M15

Despite recent bullish moves, the Cable market has been decidedly one-sided, with Brexit-hopeful bidders keeping the Sterling aloft from a recent bottom of 1.2700, and GBP/USD traders should be increasingly fearful of reality crashing in once again as the Cable heads for near-term highs at the 1.3200 handle.

GBP/USD H1

GBP/USD

Overview:
    Last Price: 1.3116
    Daily change: 19 pips
    Daily change: 0.145%
    Daily Open: 1.3097
Trends:
    Daily SMA20: 1.2998
    Daily SMA50: 1.3029
    Daily SMA100: 1.3039
    Daily SMA200: 1.3419
Levels:
    Daily High: 1.31
    Daily Low: 1.3021
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.307
    Daily Fibonacci 61.8%: 1.3051
    Daily Pivot Point S1: 1.3045
    Daily Pivot Point S2: 1.2993
    Daily Pivot Point S3: 1.2966
    Daily Pivot Point R1: 1.3125
    Daily Pivot Point R2: 1.3152
    Daily Pivot Point R3: 1.3204

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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