GBP/USD technical analysis: Cable challenges multi-week tops near the 1.2500 handle

The Sterling is rising sharply this Tuesday as the Greenback is weakening across the board.
The market is challenging multi-week highs and if GBP/USD surpasses the 1.2510 resistance, it can open the gates to more gains.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Pound is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, in September, GBP/USD has been on the rise as the market is challenging the 1.2500 handle and the 100 SMA.

GBP/USD four-hour chart

The Pound is trading above the main SMAs, suggesting bullish momentum in the medium term. The market is testing multi-week highs near the 1.2500 handle. On a break above 1.2512, GBP/USD might continue to rise towards 1.2551 and 1.2577 price levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling erased the Monday’s losses and is clinging to daily highs. Immediate support is seen at 1.2486 and 1.2447. Furter down lie 1.2422 and 1.2396, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2498
Today Daily Change	0.0068
Today Daily Change %	0.55
Today daily open	1.243

Trends
Daily SMA20	1.226
Daily SMA50	1.2278
Daily SMA100	1.2512
Daily SMA200	1.2741

Levels
Previous Daily High	1.2506
Previous Daily Low	1.2399
Previous Weekly High	1.2508
Previous Weekly Low	1.2234
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.244
Daily Fibonacci 61.8%	1.2465
Daily Pivot Point S1	1.2384
Daily Pivot Point S2	1.2338
Daily Pivot Point S3	1.2278
Daily Pivot Point R1	1.2491
Daily Pivot Point R2	1.2551
Daily Pivot Point R3	1.2597

Author

Flavio Tosti

Independent Analyst

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.