GBP/USD technical analysis: Cable spikes to 1.2296 on Brexit deal hopes

GBP/USD jumps as Johnson and Varadkar see pathway for a Brexit deal.
GBP/USD is challenging the 1.2383 resistance.

Flavio Tosti Independent Analyst

GBP/USD daily chart

On the daily chart, the Cable is trading in a bear trend below the main daily simple moving averages (DSMAs). GBP/USD jumps as Johnson and Varadkar see pathway for a Brexit deal.

GBP/USD four-hour chart

GBP/USD is challenging the 1.2283 resistance and the 50 SMA as the market is rebounding from the October lows. A break above the current resistance can lead to further strength towards the 1.2320/35 resistance zone, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling is trading above the main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2253 and 1.2226 price levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2279
Today Daily Change	0.0074
Today Daily Change %	0.61
Today daily open	1.2205

Trends
Daily SMA20	1.2369
Daily SMA50	1.2256
Daily SMA100	1.2415
Daily SMA200	1.2716

Levels
Previous Daily High	1.2292
Previous Daily Low	1.2197
Previous Weekly High	1.2414
Previous Weekly Low	1.2205
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2233
Daily Fibonacci 61.8%	1.2256
Daily Pivot Point S1	1.2171
Daily Pivot Point S2	1.2136
Daily Pivot Point S3	1.2075
Daily Pivot Point R1	1.2266
Daily Pivot Point R2	1.2327
Daily Pivot Point R3	1.2361

Author

Flavio Tosti

Independent Analyst

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