GBP/USD Technical Analysis: Cable on the mats at 1.3020

Over the past twenty-four hours, the GBP/USD hit the floor and kept rolling, hitting 1.3020 in Thursday's US session sell-off, and Sterling traders have seen little reason to pick the Pound back up as Brexit concerns continue to hang over the UK marketscape. 1.3030 represents the current ceiling heading into the London market session, and buyers will have to first push the pair back over the level before continuing higher.
GBP/USD analysis: bears took over on Brexit jitters

Joshua Gibson FXStreet

GBP/USD, M5

In the past week, Brexit hopes gave way to resignation, sending the Sterling into 1.3236 as Pound buyers digested headlines from the week's EU leadership summit in Brussels, with sound bites coming from the politicians' camps continued to push the line that it's not too late to find a workable Brexit deal, but reality was quick to set in and the GBP/USD clattered its way back down into range of the 1.3000 handle.

GBP/USD, M30

Going over the past month, rounds of bullish inspiration continue to fall flat, and near-term rising trendlines continue to be broken to the downside as fresh waves of market concern grip the GBP; the Cable peaked in the last four weeks at 1.3258, and is set to wrap the current trading week up with a challenge of the four-week low sitting at early October's bottom of 1.2922.

GBP/USD, H4

Don't forget to check out FXStreet's Livechart to see what's happening with the GBP/USD

GBP/USD

Overview:
    Last Price: 1.3022
    Daily change: 4.0 pips
    Daily change: 0.0307%
    Daily Open: 1.3018
Trends:
    Daily SMA20: 1.3102
    Daily SMA50: 1.2999
    Daily SMA100: 1.3094
    Daily SMA200: 1.3482
Levels:
    Daily High: 1.3132
    Daily Low: 1.3016
    Weekly High: 1.326
    Weekly Low: 1.3028
    Monthly High: 1.33
    Monthly Low: 1.2786
    Daily Fibonacci 38.2%: 1.3061
    Daily Fibonacci 61.8%: 1.3088
    Daily Pivot Point S1: 1.2978
    Daily Pivot Point S2: 1.2939
    Daily Pivot Point S3: 1.2862
    Daily Pivot Point R1: 1.3095
    Daily Pivot Point R2: 1.3172
    Daily Pivot Point R3: 1.3211

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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