GBP/USD technical analysis: Cable holds onto gains near new monthly highs, flirting with the 1.2300 figure

GBP/USD is trading at its highest in August, reaching 1.2310 on an intraday basis.
The levels to beat for bulls are seen at 1.2329, followed by 1.2361 resistances.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading in a bear trend below the main daily simple moving averages (SMAs). However, the market has been bouncing in the last two weeks after establishing a 2019 low at the 1.2015 level.

GBP/USD 4-hour chart

The Cable broke to new August highs above the 200 SMA on the 4-hour chart. Bulls have now a dense cluster of resistance to deal with. If the buyers manage to work their way through 1.2329/1.2348 and 1.2361, the market could reach 1.2386 on the way up, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading above the main SMAs, suggesting a bullish bias in the short term. Immediate supports are seen at 1.2265 and 1.2214 levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2297
Today Daily Change	0.0078
Today Daily Change %	0.64
Today daily open	1.2219

Trends
Daily SMA20	1.2141
Daily SMA50	1.2386
Daily SMA100	1.2621
Daily SMA200	1.2777

Levels
Previous Daily High	1.2287
Previous Daily Low	1.2208
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2238
Daily Fibonacci 61.8%	1.2257
Daily Pivot Point S1	1.2189
Daily Pivot Point S2	1.2159
Daily Pivot Point S3	1.211
Daily Pivot Point R1	1.2268
Daily Pivot Point R2	1.2317
Daily Pivot Point R3	1.2347

Author

Flavio Tosti

Independent Analyst

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