GBP/USD technical analysis: Cable breaks to multi-week highs and hits the 1.2545 price level

The Sterling is rising sharply after the London close.
The level to beat for buyers is the 1.2554 price level.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Sterling is trading in a bear trend below the 200-day simple moving averages (SMAs). However, GBP/USD has been rising sharply in Septembre. It is now challenging the 1.2500 figure.

GBP/USD four-hour chart

GBP/USD is trading above the main SMAs, suggesting a bullish bias in the medium term. The market is challenging the 1.2515 resistance as bulls want to continue the up move towards the 1.2554 resistance, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

A daily close above the 1.2515 level will further embolden the bull case. Further down li 1.2480 and 1.2450 support, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2539
Today Daily Change	0.0067
Today Daily Change %	0.54
Today daily open	1.2472

Trends
Daily SMA20	1.2294
Daily SMA50	1.2278
Daily SMA100	1.2501
Daily SMA200	1.274

Levels
Previous Daily High	1.2515
Previous Daily Low	1.2439
Previous Weekly High	1.2508
Previous Weekly Low	1.2234
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2468
Daily Fibonacci 61.8%	1.2486
Daily Pivot Point S1	1.2435
Daily Pivot Point S2	1.2399
Daily Pivot Point S3	1.2359
Daily Pivot Point R1	1.2512
Daily Pivot Point R2	1.2552
Daily Pivot Point R3	1.2588

Author

Flavio Tosti

Independent Analyst

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