GBP/USD technical analysis: Cable hits new weekly highs ahead of the FOMC

GBP/USD is trading just below 1.2645 strong resistance.
GBP/USD is turning bullish as the market is trading at fresh weekly highs.

Flavio Tosti Independent Analyst

Cable has been appreciating ahead of the release of the FOMC report. Market participants will be on the lookout for any hints from the Federal Reserve regarding interest rates policy.

GBP/USD daily chart

GBP/USD is in a bear trend below its main simple moving averages. The market has been rebounding sharply from 1.2500 figure gaining more than a 100 pips since Tuesday.

GBP/USD 4-hour chart

The market almost reached 1.2645 which is a strong resistance according to the Technical Confluences Indicator. If broken Cable can pop to 1.2712. To the downside, the market can find support at 1.2560 and 1.2480 level.

GBP/USD 30-minute chart

GBP/USD is trading above its main SMAs suggesting a bullish bias in the short term. The 1.2645 level is seen as strong resistance and there seems to be little resistance to 1.2712 if the market breaks to the upside.

Additional key levels

GBP/USD

Overview
Today last price	1.2624
Today Daily Change	0.0066
Today Daily Change %	0.53
Today daily open	1.2558

Trends
Daily SMA20	1.2659
Daily SMA50	1.2845
Daily SMA100	1.297
Daily SMA200	1.2935

Levels
Previous Daily High	1.2566
Previous Daily Low	1.2506
Previous Weekly High	1.2759
Previous Weekly Low	1.2579
Previous Monthly High	1.3178
Previous Monthly Low	1.2559
Daily Fibonacci 38.2%	1.2543
Daily Fibonacci 61.8%	1.2529
Daily Pivot Point S1	1.2521
Daily Pivot Point S2	1.2484
Daily Pivot Point S3	1.2461
Daily Pivot Point R1	1.258
Daily Pivot Point R2	1.2603
Daily Pivot Point R3	1.264

Author

Flavio Tosti

Independent Analyst

EUR/USD gathers traction, approaches 1.1800

EUR/USD manages to reverse Tuesday’s pullback, advancing to two-day highs near the 1.1800 hurdle in the latter part of Wednesday’s session. The pair’s decent uptick comes on the back of the modest retracement in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House in the wake of President Trump’s SOTU speech.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

Crypto Today: Bitcoin, Ethereum, XRP test rebound strength as ETF inflows return

Bitcoin, Ethereum and Ripple are gaining traction at the time of writing on Wednesday, amid persistent market doldrums. The Crypto King is up over 2% intraday, trading above $65,000 from the day’s opening of $64,058.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.