- GBP/USD is losing steam at the start of the week.
- The level to beat for sellers is the 1.2906 support.
GBP/USD daily chart
In October, the Cable skyrocketed above the main daily simple moving averages (DMAs) and hit levels not seen since mid-May 2019. Bulls need a daily close above the 1.3000 figure and the October high at the 1.3013 level.
GBP/USD four-hour chart
GBP/USD is trading above the 1.2900 figure and its main SMAs on the four-hour chart, suggesting a bullish bias in the medium term. However, the market formed a double top with the October highs. For buyers, a break of the 1.2989 resistance is necessary to open the doors to gains towards the 1.3024 level and the 1.3100 handle.
GBP/USD 30-minute chart
Sterling/Dollar is trading at daily lows while challenging the 1.2906 support level. A clear break below the level can open the doors to further weakness towards the 1.2880 and 1.2850 support levels, according to the Technical Confluences Indicator.
Additional key levels
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.
Latest Forex News
Editors’ Picks
EUR/USD bounces after upbeat COVID-19 cure news
EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.
GBP/USD recaptures 1.26 as the market mood improves
GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.
XAU/USD consolidates daily gains above $1,800
After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.
Cryptocurrencies: War for dominance hit the bedrock of the market
Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.
WTI once again breaks $40 per barrel after trading lower in early EU trade
There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle.