GBP/USD Technical Analysis: Cable coiled below 1.3200 ahead of Brussels leadership meeting, Brexit at the forefront

The Sterling is getting constrained ahead of Wednesday's major leadership meeting in Brussels, and last week's hopes of forward momentum on Brexit talks have stalled hard.
1.3170 has remained a popular level for the Cable for the past six consecutive trading days as bullish hopefuls continue to run into the wall of reality, and rising odds of a hard Brexit are currently being pushed aside.
The 200-hour moving average is proving critical support on the intraday scale, and a break could see the GBP/USD falling back to recognizable Brexit-fear levels around the 1.3000 handle.

Joshua Gibson FXStreet

GBP/USD Chart, 1-Hour

GBP/USD

Overview:
    Last Price: 1.3168
    Daily change: -15 pips
    Daily change: -0.114%
    Daily Open: 1.3183
Trends:
    Daily SMA20: 1.3116
    Daily SMA50: 1.2991
    Daily SMA100: 1.3098
    Daily SMA200: 1.3487
Levels:
    Daily High: 1.3238
    Daily Low: 1.3141
    Weekly High: 1.326
    Weekly Low: 1.3028
    Monthly High: 1.33
    Monthly Low: 1.2922
    Daily Fibonacci 38.2%: 1.3201
    Daily Fibonacci 61.8%: 1.3178
    Daily Pivot Point S1: 1.3136
    Daily Pivot Point S2: 1.309
    Daily Pivot Point S3: 1.304
    Daily Pivot Point R1: 1.3233
    Daily Pivot Point R2: 1.3284
    Daily Pivot Point R3: 1.333

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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