GBP/USD technical analysis: Cable getting ready for something nasty?

GBP/USD is stuck in a range this Wednesday trading below the 1.2900 handle.
GBP/USD is trapped in a triangle on the daily chart.
Considering the Brexit drama, this can lead to a surprising move in either direction.

Flavio Tosti Independent Analyst

GBP/USD daily chart

In October, GBP/USD soared above the main daily simple moving averages (DMAs) and reached levels not seen since mid-May 2019. The Cable is currently trapped in a triangle pattern which can lead to significant moves in either direction as the Brexit drama unfolds.

https://editorial.fxstreet.com/miscelaneous/daily-637086493202122416.png

GBP/USD four-hour chart

GBP/USD is easing from the October and November highs while trading just below the 50 and 100 SMAs. The Cable is losing momentum suggesting that sellers might try to reach the 1.2887, 1.2860, 1.2825 and 1.2807 support levels on the way down, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

Sterling/Dollar is ranging this Wednesday while trading below its main SMAs. Immediate resistance is seen at the 1.2906 and the 1.2933 levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2874
Today Daily Change	-0.0013
Today Daily Change %	-0.10
Today daily open	1.2887

Trends
Daily SMA20	1.2804
Daily SMA50	1.2517
Daily SMA100	1.2449
Daily SMA200	1.2709

Levels
Previous Daily High	1.2918
Previous Daily Low	1.2859
Previous Weekly High	1.2976
Previous Weekly Low	1.2804
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2895
Daily Fibonacci 61.8%	1.2881
Daily Pivot Point S1	1.2858
Daily Pivot Point S2	1.2829
Daily Pivot Point S3	1.2799
Daily Pivot Point R1	1.2917
Daily Pivot Point R2	1.2947
Daily Pivot Point R3	1.2975

Author

Flavio Tosti

Independent Analyst

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