GBP/USD Technical Analysis: Cable sticking to 1.3000 as Brexit headlines flip-flop

The GBP/USD is trading back up above the 1.3000 handle after waffling following an over-eager bullish gap to open the week's action, and the gap is heading into the London market session still open.
GBP/USD Weekly Forecast: Downside trend break sets the stage for 1.3060-1.3100

Joshua Gibson FXStreet

GBP/USD, M5

The Cable has been pinned to 1.3000 after catching a bullish ride on Brexit-hopeful headlines, picking up from last week's low near 1.2700.

GBP/USD M15

The Sterling-Dollar pairing is struggling to maintain buillish momentum over the critical 61.8% Fibo retracement level, and continued failure to see buying pressure could have the Cable marking in a long-term lower high, reinforcing a bearish trend.

GBP/USD H4

GBP/USD

Overview:
    Last Price: 1.3
    Daily change: 32 pips
    Daily change: 0.247%
    Daily Open: 1.2968
Trends:
    Daily SMA20: 1.3003
    Daily SMA50: 1.3021
    Daily SMA100: 1.3042
    Daily SMA200: 1.343
Levels:
    Daily High: 1.3042
    Daily Low: 1.2952
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.2986
    Daily Fibonacci 61.8%: 1.3008
    Daily Pivot Point S1: 1.2932
    Daily Pivot Point S2: 1.2896
    Daily Pivot Point S3: 1.2841
    Daily Pivot Point R1: 1.3023
    Daily Pivot Point R2: 1.3078
    Daily Pivot Point R3: 1.3114

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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