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27 Sep 2019
GBP/USD technical analysis: Cable trading near daily highs above 1.2320 level
- The Sterling is rebounding sharply from 2-weeks lows.
- The market is challenging the daily highs above, hovering above the 1.2320 level.
GBP/USD daily chart
The Pound is trading in a bear trend below the 100 and 200-day simple moving averages (DSMAs). So far, GBP/USD is trading virtually unchanged this Friday.
GBP/USD four-hour chart
GBP/USD reversed its earlier losses now trading near daily highs and just above the 1.2320 level. Bears would need a break below the 1.2280 support and the 200 SMA in order to drive the market towards the 1.2200 support level, according to the Technical Confluences Indicator.
GBP/USD 30-minute
The Pound/US Dollar exchange is challenging the 50 SMA on the 30-minute chart. If the market closes above the 1.2320 level this Friday, it is likely the market will test the 1.2360/80 resistance zone next week. If broken the next level is seen at 1.2415 on the way up.
Additional key levels