- GBP/USD is consolidating Tuesday’s losses near the 1.2900 handle.
- The level to beat for bears is the 1.2815 support.
GBP/USD daily chart
The Pound, on the daily chart, had a spike above the main daily simple moving averages (DSMAs) while hitting levels not seen since mid-May 2019. The Brexit headlines remain the main drivers behind GBP/USD moves. UK PM Johnson spokesman: If EU offers January extension, there will need to be an election.
GBP/USD four-hour chart
The Cable is trading in a bull channel above the main SMAs. After a pullback down, the market is now attempting to regain the 1.2900 handle. A break above 1.2908 can lead to further gains towards 1.2935/50 resistance zone, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
GBP/USD is trading below the 100 and 200 SMAs, suggesting a potential bearish momentum in the near term. Bears need to reclaim the 1.2880 level to trade towards the 1.2815 and 1.2772 support levels, according to the Technical Confluences Indicator.
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD could extend the recovery to 0.6500 and above
The enhanced risk appetite and the weakening of the Greenback enabled AUD/USD to build on the promising start to the week and trade closer to the key barrier at 0.6500 the figure ahead of key inflation figures in Australia.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Bitcoin price makes run for previous cycle highs as Morgan Stanley pushes BTC ETF exposure
Bitcoin (BTC) price strength continues to grow, three days after the fourth halving. Optimism continues to abound in the market as Bitcoiners envision a reclamation of previous cycle highs.
Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade
An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data. The Australian Bureau of Statistics will release two different inflation gauges on Wednesday.