GBP/USD technical analysis: Cable clings to multi-month highs near 1.2700 into the London close


  • EU27 tunnel negotiations with the United Kingdom triggered another leg up. 
  • GBP/USD is keeping the bullish pressure on into the London close. 

 

GBP/USD daily chart

 
 
The Cable, on the daily chart, is trading in a bear trend below its 200-day simple moving average (DSMA). However, GBP/USD is up about 500 pips from the October lows as the Cable is on track to its biggest two-day rally since 2016. The last leg up was triggered as EU’s Chief Brexit Negotiator Barnier gave the green light from the EU27 for a tunnel negotiation with the United Kingdom.
 
 

GBP/USD four-hour chart

 
GBP/USD is challenging the 1.2700 handle into the London close. If the market breaks above this level the next resistance of interest can be the 1.2800 handle. 

GBP/USD 30-minute chart

 
 
The Sterling is trading above its main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2600, 1.2543/30 zone and the 1.2477 level, according to the Technical Confluences Indicator
 
 

Additional key levels

GBP/USD

Overview
Today last price 1.269
Today Daily Change 0.0246
Today Daily Change % 1.98
Today daily open 1.2444
 
Trends
Daily SMA20 1.2375
Daily SMA50 1.2262
Daily SMA100 1.2413
Daily SMA200 1.2715
 
Levels
Previous Daily High 1.247
Previous Daily Low 1.2204
Previous Weekly High 1.2414
Previous Weekly Low 1.2205
Previous Monthly High 1.2583
Previous Monthly Low 1.1958
Daily Fibonacci 38.2% 1.2368
Daily Fibonacci 61.8% 1.2305
Daily Pivot Point S1 1.2275
Daily Pivot Point S2 1.2107
Daily Pivot Point S3 1.201
Daily Pivot Point R1 1.2541
Daily Pivot Point R2 1.2638
Daily Pivot Point R3 1.2806

 

 

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