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

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