GBP/USD technical analysis: Cable trading at daily lows, challenging the 1.2900 figure

10/22/2019 13:02:11 GMT|ByFlavio Tosti

GBP/USD is retracing down from the daily highs, now challenging the 1.2900 handle.
Brexit headlines are the main Cable drivers.

GBP/USD daily chart

The Sterling, on the daily chart, had a spike above the main daily simple moving averages (DSMAs) while reaching levels not seen since mid-May 2019. The Brexit deal optimism fuelled the GBP euphoria of the last weeks.

GBP/USD four-hour chart

The Cable is trading in a bull channel above the main SMAs. However, the market is retracing down now, challenging the 1.2881 support level, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is challenging the 200 SMA, suggesting a pullback down in the near term. If bears can break 1.2881, then the market could have a drop towards the 1.2814 level, according to the Technical Confluences Indicator.

On the flip side, if the spot regains the 1.2950 resistance, it can open the doors to a retest of the 1.3000 handle.

Additional key levels

GBP/USD

Overview
Today last price	1.2901
Today Daily Change	-0.0057
Today Daily Change %	-0.44
Today daily open	1.2958

Trends
Daily SMA20	1.2493
Daily SMA50	1.2359
Daily SMA100	1.2424
Daily SMA200	1.2716

Levels
Previous Daily High	1.3013
Previous Daily Low	1.2875
Previous Weekly High	1.299
Previous Weekly Low	1.2515
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.296
Daily Fibonacci 61.8%	1.2928
Daily Pivot Point S1	1.2884
Daily Pivot Point S2	1.281
Daily Pivot Point S3	1.2746
Daily Pivot Point R1	1.3023
Daily Pivot Point R2	1.3087
Daily Pivot Point R3	1.3161

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.

{{Text}}

News