GBP/USD technical analysis: Cable under bearish spell below the 1.2900 handle

  • GBP/USD is trading at weekly lows this Thursday.
  • The level to beat for bears is the 1.2870 support.

GBP/USD daily chart

In October, the Cable jumped to levels not seen since mid-May 2019. The Cable is trying to break to the downside from a triangle pattern.

GBP/USD four-hour chart

The market is drifting lower hitting new monthly lows this Thursday while trading below the 50 and 100 SMAs on the four-hour chart.
 Sellers will likely be looking for a break below the 1.2821/1.2881 support zone which can lead to further weakness towards the 1.2730 support level, according to the Technical Confluences Indicator. 

GBP/USD 30-minute chart

Sterling/Dollar is trading below its main SMAs, suggesting a bearish bias in the near term. Immediate resistance is seen at the 1.2835 and the 1.2863 levels, according to the Technical Confluences Indicator. 

Additional key levels


Today last price 1.282
Today Daily Change -0.0036
Today Daily Change % -0.28
Today daily open 1.2856
Daily SMA20 1.2836
Daily SMA50 1.253
Daily SMA100 1.2451
Daily SMA200 1.2708
Previous Daily High 1.2898
Previous Daily Low 1.2843
Previous Weekly High 1.2976
Previous Weekly Low 1.2804
Previous Monthly High 1.3013
Previous Monthly Low 1.2194
Daily Fibonacci 38.2% 1.2864
Daily Fibonacci 61.8% 1.2877
Daily Pivot Point S1 1.2834
Daily Pivot Point S2 1.2811
Daily Pivot Point S3 1.2779
Daily Pivot Point R1 1.2889
Daily Pivot Point R2 1.2921
Daily Pivot Point R3 1.2944



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD advances above 1.14 after unchanged ECB, mixed US data

EUR/USD is trading above 1.14, higher after the ECB left policy unchanged and called governments to act. US retail sales beat with 7.5% while jobless claims disappointed with 1.3 million. US coronavirus figures are showing further increases in cases.


GBP/USD advances above 1.26 amid mostly upbeat US, UK data

GBP/USD is trading above 1.26, higher. The UK jobs reports showed low unemployment but also depressed wages. US retail sales beat expectations but jobless claims remain high. 


Gold trades with modest losses, downside remains limited

Gold witnessed a modest intraday pullback amid a pickup in the USD demand. The prevalent risk-off mood extended some support to the safe-haven metal. A sustained break below $1800 is needed to confirm a bearish break.

Gold News

Why is the crypto market falling today?

War for dominance impacts the market and heralds several days of turbulence. Fight between Bitcoin and Ethereum hurts the Altcoin segment, which is largely overbought after weeks of euphoria. Ripple is the most affected of the Top 3 and steps back into a high-risk environment.

Read more

WTI: 200-HMA is a tough nut to crack amid rising wedge breakdown

WTI has bounced-off lows, still sheds over 1% to trade around $40.80, as the OPEC and its allies’ (OPEC+) decision to ease output cuts from next month weighs.

Oil News