20 Sep 2019
GBP/USD technical analysis: Cable erases Thursday’s spike, trading sub-1.2500 handle
- The Sterling is dropping sharply in the New York session.
- The level to beat for sellers is the 1.2460 support level.
GBP/USD daily chart
The Sterling is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, GBP/USD has been on the rise in Septembre. It has been battling with the 1.2500 handle in the last week.
GBP/USD four-hour chart
GBP/USD is trading above the main SMAs, suggesting bullish momentum in the medium term. The market is challenging the 1.2460 support as bears took the helm this Friday. If the market loses the 1.2460 level, GBP/USD can correct down towards 1.2405 and 1.2340 price levels, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
The Sterling is challenging the 200 SMA. Immediate resistance is the 1.2478 level followed by 1.2510 and the 1.2535 price level, according to the Technical Confluences Indicator.
Additional key levels