GBP/USD Technical Analysis: Cable advances to fresh weekly highs, trading above the 1.2900 handle


  • GBP/USD is ending the week near the weekly highs. 
  • Resistances to the upside are seen at the 1.2950 level and the 1.3000 handle. 
 

GBP/USD daily chart

 
 
The sterling is currently correcting last month’s rally in the 1.2800-1.3000 price zone. GBP/USD, in October, hit levels not seen since mid-May 2019. 
 
 

GBP/USD four-hour chart

 
 
GBP/USD is breaking above the 1.2874/1.2910 resistance zone. The spot is trading above its main SMAs, suggesting bullish momentum in the medium term. If the market breaks the 1.2910 resistance on a daily basis, the spot could reach the 1.2950 level and the 1.3000 handle on the way up, according to the Technical Confluences Indicator. 
 

 

GBP/USD 30-minute chart

 
 
The spot is trading above its main SMAs, suggesting a bullish bias in the short term. Support is seen at the 1.2874 and the 1.2833 price levels.
 
  
 
 

Additional key levels

GBP/USD

Overview
Today last price 1.2912
Today Daily Change 0.0033
Today Daily Change % 0.26
Today daily open 1.2879
 
Trends
Daily SMA20 1.2878
Daily SMA50 1.2609
Daily SMA100 1.2459
Daily SMA200 1.2703
 
Levels
Previous Daily High 1.2889
Previous Daily Low 1.2824
Previous Weekly High 1.2943
Previous Weekly Low 1.2769
Previous Monthly High 1.3013
Previous Monthly Low 1.2194
Daily Fibonacci 38.2% 1.2864
Daily Fibonacci 61.8% 1.2849
Daily Pivot Point S1 1.2839
Daily Pivot Point S2 1.2799
Daily Pivot Point S3 1.2774
Daily Pivot Point R1 1.2904
Daily Pivot Point R2 1.2929
Daily Pivot Point R3 1.2969

 

 

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

EUR/USD falls amid Sino-American tensions ahead of Non-Farm Payrolls

EUR/USD is trading around 1.1850, down amid a risk-off mood stemming from President Trump's move against China's TikTok and WeChat. Tension is mounting ahead of the highly uncertain Non-Farm Payrolls.

EUR/USD News

Gold consolidates near record highs, flat-lined around $2060 area ahead of NFP

Concerns about escalating US-China tensions pushed gold to fresh record highs on Friday. A goodish pickup in the USD prompted some profit-taking amid overbought conditions. 

Gold News

GBP/USD retreats amid doubts about the furlough scheme, dollar strength

GBP/USD is struggling around 1.31 as UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever. The dollar is gaining ground amid geopolitical tensions ahead of the Non-Farm Payrolls.

GBP/USD News

Forex Today: Dollar ticks up after Trump's TikTok move, all eyes on Non-Farm Payrolls

Trump's executive order against TikTok and WeChat has dampened the market mood and strengthened the dollar. Fiscal stimulus have made limited progress and investors are now focused on July NFP, which carries high uncertainty amid the resurgence of coronavirus. 

Read more

WTI drops 1% to $41.50 ahead of US NFP, rigs data

WTI (futures on Nymex) is on a steady decline so far this Friday, undermined by reduced demand for higher-yielding assets amid the renewed US-China tensions induced risk-aversion.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures