GBP/USD technical analysis: Cable challenges 1.2480 level ahead of FOMC


  • The Sterling maintains its bullish stance ahead of the FOMC at 18:00 GMT. 
  • The level to beat for bulls is the 1.2515 price level near multi-week highs. 
 

GBP/USD daily chart

 
The Sterling is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, GBP/USD is rising sharply as the market is challenging the 1.2500 handle and the 100 SMA. The FOMC decision will likely lead to high volatility. The market has already priced in a 25 bps rate cut. 

GBP/USD four-hour chart

 
The Pound is trading above the main SMAs, suggesting bullish momentum in the medium term. The market is testing the 1.2480 resistance as bulls will likely attempt to break beyond it en route towards 1.2515, 1.2554 and potentially the 1.2600 figure if the markets gather enough momentum.

GBP/USD 30-minute chart

 
The Sterling is trading above the 100 and 200 SMA suggesting bullish momentum in the near term. Immediate support is seen at 1.2450 and 1.2425. Furter down lie 1.2400 and 1.2321, according to the Technical Confluences Indicator
 

Additional key levels

GBP/USD

Overview
Today last price 1.2481
Today Daily Change -0.0018
Today Daily Change % -0.14
Today daily open 1.2499
 
Trends
Daily SMA20 1.2277
Daily SMA50 1.2279
Daily SMA100 1.2507
Daily SMA200 1.2741
 
Levels
Previous Daily High 1.2528
Previous Daily Low 1.2393
Previous Weekly High 1.2508
Previous Weekly Low 1.2234
Previous Monthly High 1.231
Previous Monthly Low 1.2015
Daily Fibonacci 38.2% 1.2476
Daily Fibonacci 61.8% 1.2444
Daily Pivot Point S1 1.2419
Daily Pivot Point S2 1.2338
Daily Pivot Point S3 1.2283
Daily Pivot Point R1 1.2554
Daily Pivot Point R2 1.2609
Daily Pivot Point R3 1.269

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD nears weekly highs as risk-on returns

The EUR/USD pair was dragged higher by a soaring Pound, now hovering around 1.1040. The market is all about sentiment, and this last dependent on Brexit and the US-China trade relationship.

 

EUR/USD News

GBP/USD pulls back from multi-month top amid mixed Brexit news

With Brexit tensions on paramount, GBP/USD awaits confirmation of recent rally while taking a step back to 1.2760 amid the initial Asian trading session on Wednesday. DUP, Tory and Irish members seem to dislike the UK PM’s Brexit deal.

GBP/USD News

USD/JPY in search of a firm direction, stuck in a range below mid-108.00s

The prevalent risk-on mood weighed on the JPY’s safe-haven status and extended support. A sharp fall in the US bond yields undermined the USD and failed to impress bullish traders.

USD/JPY News

Gold slumps to $1,480 area on Brexit hopes

The troy ounce of the precious metal continued to weaken in USD terms in the American trading hours as markets cheered reports claiming that the European Union (EU) and the United Kingdom (UK) are closing in on a draft Brexit deal that could be announced before the end of the day on Tuesday.

Gold News

Cryptos: Incumbents don't know to play well

The Libra project led by Facebook remains on track despite the first defections. Those who have abandoned the project are mostly payment gateways. Bitcoin's lack of tone weighs on Ethereum's mood.

Read more

Forex MAJORS

Cryptocurrencies

Signatures