GBP/USD technical analysis: Cable gaining 200 pips on the day, challenging 1.2400 handle on Brexit hopes

GBP/USD soars 200 pips as Irish PM Varadkar believes it’s possible to reach a deal before October 31st.
GBP/USD is challenging the 1.2400 handle while spanning the entire October range.

Flavio Tosti Independent Analyst

GBP/USD daily chart

On the daily chart, the Cable is trading in a bear trend below the 200-day simple moving average (DSMA). GBP/USD is on fire as Irish PM Varadkar believes it’s possible to reach a deal before October 31st.

GBP/USD four-hour chart

GBP/USD is challenging the 1.2400 handle as GBP/USD spanned its entire current monthly range. A daily close above the current resistance at 1.2400 can lead to further strength towards the 1.2500 figure.

GBP/USD 30-minute chart

The Sterling is trading above the main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2360 and 1.2340 price levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2395
Today Daily Change	0.0190
Today Daily Change %	1.56
Today daily open	1.2205

Trends
Daily SMA20	1.2369
Daily SMA50	1.2256
Daily SMA100	1.2415
Daily SMA200	1.2716

Levels
Previous Daily High	1.2292
Previous Daily Low	1.2197
Previous Weekly High	1.2414
Previous Weekly Low	1.2205
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2233
Daily Fibonacci 61.8%	1.2256
Daily Pivot Point S1	1.2171
Daily Pivot Point S2	1.2136
Daily Pivot Point S3	1.2075
Daily Pivot Point R1	1.2266
Daily Pivot Point R2	1.2327
Daily Pivot Point R3	1.2361

Author

Flavio Tosti

Independent Analyst

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