GBP/USD technical analysis: Cable settling above 1.2500 ahead of FOMC

GBP/USD leaped above 1.2500 Fed’s Powell remarks.
Investors are waiting for the FOMC minutes at 18.00 GMT.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading in a bear trend below its main daily simple moving averages (DSMAs). The market has tested Tuesday’s highs after dovish remarks from Fed’s Powell.

GBP/USD 4-hour chart

GBP/USD rose to the 1.2505 resistance as the market trades below its main SMAs. Further up lies 1.2540 and 1.2570 resistances, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading above the 50 and 100 SMA suggesting a consolidation in the near term, support can be seen near the 1.2470 and 1.2430 levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2499
Today Daily Change	0.0031
Today Daily Change %	0.25
Today daily open	1.2468

Trends
Daily SMA20	1.2626
Daily SMA50	1.2735
Daily SMA100	1.2921
Daily SMA200	1.2899

Levels
Previous Daily High	1.2524
Previous Daily Low	1.244
Previous Weekly High	1.2706
Previous Weekly Low	1.2481
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2472
Daily Fibonacci 61.8%	1.2492
Daily Pivot Point S1	1.2431
Daily Pivot Point S2	1.2393
Daily Pivot Point S3	1.2346
Daily Pivot Point R1	1.2515
Daily Pivot Point R2	1.2562
Daily Pivot Point R3	1.26

Author

Flavio Tosti

Independent Analyst

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