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.

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

 

 

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

EUR/USD consolidating its losses amid Brexit and trade uncertainty

EUR/USD is off the weekly highs but holds onto 1.11 amid uncertainty about the Brexit process and doubts that the US and China can reach a deal. Tension toward the ECB meeting mounts.

EUR/USD News

GBP/USD attempting to recover after parliament slowed down the Brexit process

GBP/USD is moving up toward 1.29, trying to recover after parliament rejected the fast-track process that PM Johnson wanted for approving his Brexit deal. An extension to Article 50 and elections are on the cards.

GBP/USD News

USD/JPY struggles below mid-108.00s, over one-week lows

The Greenback held weaker against its Japanese counterpart, with the USD/JPY pair struggling below mid-108.00s, or over one-week lows set earlier this Wednesday.

USD/JPY News

Gold: Clings to gain near the top end of 2-week old trading range

Gold gained some follow-through traction for the second consecutive session on Wednesday and is currently placed at the top end of a near two-week-old trading range.

Gold News

Cryptocurrencies price prediction: Bitcoin Cash, Ethereum & IOTA

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session.

Read more

Forex MAJORS

Cryptocurrencies

Signatures