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.

 

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD stays below 1.3350 on poor UK PMIs

GBP/USD hits fresh session lows of 1.3335 following an unexpected drop in the UK's Preliminary Manufacturing and Service PMI reports. However, the downside appears capped amid growing Brexit optimism. 

GBP/USD News

EUR/USD keeps range around 1.1130 on downbeat PMIs

EUR/USD trims gains to trade near 1.1130 region after the sentiment around the euro was dented by the disappointing German and Eurozone Preliminary Manufacturing PMIs. Trade concerns also keep the gains limited. 

EUR/USD News

The phantom of fear pierces crypto market foundations

Negative technical indicators are extremely volatile and are approaching a technical rebound. Ethereum has fundamentals in play versus Bitcoin which could be lethal. XRP is not immune to downfalls and adds to the dangerous game of critical supports.

Read more

Gold consolidates in a range, flat-lined around $1475 level

Gold extended its sideways consolidative price action through the early European session on Monday and remained confined in a narrow trading band near the $1475 region.

Gold News

USD/JPY: Holding on to higher ground but lacking momentum

Positive developments between the US and China keep the mood up. Japanese data mixed, industrial figures continue disappointing. USD/JPY needs to advance beyond 109.72, December monthly high.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures