GBP/USD technical analysis: Cable easing from daily highs trading below 1.2950 level

GBP/USD is retracing down from daily highs in the New York session.
The level to beat for bulls is the 1.2933/50 resistance.

Flavio Tosti Independent Analyst

GBP/USD daily chart

In October, GBP/USD spiked above the main daily simple moving averages (DMAs) and reached levels not seen since mid-May 2019. Buyers want to break above the 1.3000 handle and the October high.

GBP/USD four-hour chart

GBP/USD is trading above the 1.2900 figure and the main SMAs on the four-hour chart, suggesting bullish momentum in the medium term. Bulls need to break the 1.2989 resistance in order to open the doors to more gains towards 1.3024 and the 1.3100 handle.

GBP/USD 30-minute chart

GBP/USD is retracing down from the current daily highs, now trading below the 1.2933/50 resistance zone. In the short term, the market might continue to decline towards 1.2909 and 1.2880 support, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2934
Today Daily Change	0.0035
Today Daily Change %	0.27
Today daily open	1.2899

Trends
Daily SMA20	1.268
Daily SMA50	1.2465
Daily SMA100	1.2436
Daily SMA200	1.2714

Levels
Previous Daily High	1.2909
Previous Daily Low	1.2845
Previous Weekly High	1.3013
Previous Weekly Low	1.2787
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2885
Daily Fibonacci 61.8%	1.2869
Daily Pivot Point S1	1.286
Daily Pivot Point S2	1.282
Daily Pivot Point S3	1.2796
Daily Pivot Point R1	1.2924
Daily Pivot Point R2	1.2949
Daily Pivot Point R3	1.2988

Author

Flavio Tosti

Independent Analyst

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.