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. 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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.

EUR/USD News

GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.

GBP/USD News

XAU/USD retreats further to $1670, lowest in five weeks

Gold prices are falling sharply on Friday on the back of the US employment report that boosted equity markets and sent US yields to the upside. XAU/USD is losing more than $40 on Friday and recently bottomed at $1670/oz, the lowest intraday level since May 1.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures