GBP/USD Technical Analysis: Looking for a fresh break into 1.2800

This week opens with GBP/USD riding a couple of higher lows to continue intraday bullish moves, but the pairing is quickly running into immediate resistance from 1.2770 and the 1.2800 handle.

Joshua Gibson FXStreet

GBP/USD, 15-Minute

Near-term action on the Cable shows the pair maintaining a skewed stance towards the middle, with rough breaks to either side routinely getting faded back into the median as 1.2650 - 1.2700 remains a key congestion zone.

GBP/USD, 1-Hour

The 1.2750 region has proven to be a consistent tipping point for GBP/USD in recent months, and failure to break higher above the key level could see the Cable break lower once again.

GBP/USD, 4-Hour

GBP/USD

Overview:
    Today Last Price: 1.2745
    Today Daily change: 7.0 pips
    Today Daily change %: 0.0550%
    Today Daily Open: 1.2738
Trends:
    Previous Daily SMA20: 1.265
    Previous Daily SMA50: 1.2773
    Previous Daily SMA100: 1.2898
    Previous Daily SMA200: 1.3155
Levels:
    Previous Daily High: 1.2746
    Previous Daily Low: 1.2615
    Previous Weekly High: 1.2815
    Previous Weekly Low: 1.2438
    Previous Monthly High: 1.284
    Previous Monthly Low: 1.2477
    Previous Daily Fibonacci 38.2%: 1.2696
    Previous Daily Fibonacci 61.8%: 1.2665
    Previous Daily Pivot Point S1: 1.2653
    Previous Daily Pivot Point S2: 1.2569
    Previous Daily Pivot Point S3: 1.2523
    Previous Daily Pivot Point R1: 1.2784
    Previous Daily Pivot Point R2: 1.283
    Previous Daily Pivot Point R3: 1.2914

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.

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.