GBP/USD technical analysis: Cable off daily highs, trading sub-1.2900 handle


  • GBP/USD bounced from the 1.2815 support level this Monday.
  • In the medium term, the level to beat for sellers remains the 1.2815/1.2772 support zone.

GBP/USD daily chart

 
 
In October, the Cable spiked up above its main daily simple moving averages (DMAs) and hit levels not seen since mid-May 2019. The Brexit headlines are behind the main drivers behind the Sterling swings.
 

GBP/USD four-hour chart

 
GBP/USD is retracing down below the 1.2900 handle and the 50 SMA. The spot is challenging the 1.2880 resistance near the 50 SMA. If the market surpasses that level there is room for a retest of the 1.2950/1.3000 zone, according to the Technical Confluences Indicator. 
 
 
 

GBP/USD 30-minute chart

 
 
GBP/USD is trading below its main SMAs, suggesting a bearish bias in the near term. Sellers need a daily break below the 1.2815/1.2772 support zone to potentially reach the 1.2700 handle, according to the Technical Confluences Indicator. 
 

Additional key levels

GBP/USD

Overview
Today last price 1.286
Today Daily Change 0.0034
Today Daily Change % 0.27
Today daily open 1.2826
 
Trends
Daily SMA20 1.2594
Daily SMA50 1.2421
Daily SMA100 1.2431
Daily SMA200 1.2715
 
Levels
Previous Daily High 1.2864
Previous Daily Low 1.2802
Previous Weekly High 1.3013
Previous Weekly Low 1.2787
Previous Monthly High 1.2583
Previous Monthly Low 1.1958
Daily Fibonacci 38.2% 1.2826
Daily Fibonacci 61.8% 1.284
Daily Pivot Point S1 1.2798
Daily Pivot Point S2 1.2769
Daily Pivot Point S3 1.2736
Daily Pivot Point R1 1.2859
Daily Pivot Point R2 1.2892
Daily Pivot Point R3 1.2921

 

 

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