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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.