GBP/USD Technical Analysis: Cable spikes and approaches weekly highs near 1.2890 level

GBP/USD got a push to the upside just before the London close this Thursday.
A daily close above 1.2874 could strengthen the bullish side.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The pound is currently correcting the October’s rally in the 1.2800-1.3000 price zone. GBP/USD, in last month, reached levels not seen since mid-May 2019.

GBP/USD four-hour chart

GBP/USD is trying to break above the 1.2874/1.2910 resistance zone. The spot is trading above the 50 and 100 SMAs, suggesting that bulls are gaining ground. If the market breaks the 1.2910 resistance, the spot could reach the 1.2950 level on the way up, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The market is trading within is weekly range. However, if the market manages to stay above the 1.2874 level, it can strengthen the bull case. Support is seen at the 1.2834 level.

Additional key levels

GBP/USD

Overview
Today last price	1.2878
Today Daily Change	0.0025
Today Daily Change %	0.19
Today daily open	1.2853

Trends
Daily SMA20	1.2878
Daily SMA50	1.2598
Daily SMA100	1.2457
Daily SMA200	1.2703

Levels
Previous Daily High	1.2865
Previous Daily Low	1.2821
Previous Weekly High	1.2943
Previous Weekly Low	1.2769
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2848
Daily Fibonacci 61.8%	1.2838
Daily Pivot Point S1	1.2828
Daily Pivot Point S2	1.2803
Daily Pivot Point S3	1.2784
Daily Pivot Point R1	1.2871
Daily Pivot Point R2	1.289
Daily Pivot Point R3	1.2915

Author

Flavio Tosti

Independent Analyst

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