GBP/USD Technical Analysis: Cable clings to weekly highs above the 1.2900 handle

The cable is ending November virtually unchanged above the 1.2900 handle.
The level to beat for bulls is the 1.2965/1.3000 resistance zone.

Flavio Tosti Independent Analyst

GBP/USD monthly chart

The market is ending the month virtually unchanged in November while consolidating near the October highs. The key resistance to reach for bulls on the way up is likely the 1.3400 handle.

GBP/USD weekly chart

The market has been consolidating for the sixth consecutive week while trading above the 1.2800 handle and the 50-week SMA.

GBP/USD daily chart

The market is trading above the 1.2900 handle while above the main SMAs. The level to beat for bulls is the 1.2965/1.3000 resistance zone. A break above it can lead to further gains towards the 1.3100 handle, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2934
Today Daily Change	0.0024
Today Daily Change %	0.19
Today daily open	1.291

Trends
Daily SMA20	1.2881
Daily SMA50	1.2708
Daily SMA100	1.2493
Daily SMA200	1.2702

Levels
Previous Daily High	1.2952
Previous Daily Low	1.2888
Previous Weekly High	1.2986
Previous Weekly Low	1.2821
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2927
Daily Fibonacci 61.8%	1.2912
Daily Pivot Point S1	1.2881
Daily Pivot Point S2	1.2852
Daily Pivot Point S3	1.2816
Daily Pivot Point R1	1.2945
Daily Pivot Point R2	1.2981
Daily Pivot Point R3	1.301

Author

Flavio Tosti

Independent Analyst

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.