GBP/USD Technical Analysis: Geared for a potential run to channel's upper bound at 1.3150

The previous twenty-four hours of trading activity saw the GBP/USD take a spike into the 1.3100 technical handle last Friday, but ongoing Brexit concerns has investors cautious, and the Cable is continuing to trade close to 1.3070 as buyers await signs of concrete improvement.
Bulls aren't ready to call it quits quite yet on the new trading week, and the GBP/USD's rising intraday trendline is holding from the day's swing low into 1.3050.
GBP/USD analysis: Irish border in the eye of the storm

Joshua Gibson FXStreet

GBP/USD, M5

Over the past week, the Cable has seen a break of the pair's near-term declining trendline from last week's peak of 1.3215, and bidders are managing to price in a higher low on the charts.

GBP/USD, M30

The past month on the Cable charts has begun to form up a potential descending channel, and a potent five-step wave pattern could materialize if the GBP/USD manages to make another push into 1.3150 before beginning a fresh round of sell-offs.

GBP/USD, H4

Don't forget to check out FXStreet's Livechart to find out what the Sterling is up to

GBP/USD

Overview:
    Last Price: 1.307
    Daily change: 2.0 pips
    Daily change: 0.0153%
    Daily Open: 1.3068
Trends:
    Daily SMA20: 1.3101
    Daily SMA50: 1.3005
    Daily SMA100: 1.3091
    Daily SMA200: 1.348
Levels:
    Daily High: 1.3106
    Daily Low: 1.3011
    Weekly High: 1.3238
    Weekly Low: 1.3011
    Monthly High: 1.33
    Monthly Low: 1.2786
    Daily Fibonacci 38.2%: 1.307
    Daily Fibonacci 61.8%: 1.3047
    Daily Pivot Point S1: 1.3018
    Daily Pivot Point S2: 1.2967
    Daily Pivot Point S3: 1.2923
    Daily Pivot Point R1: 1.3112
    Daily Pivot Point R2: 1.3156
    Daily Pivot Point R3: 1.3206

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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