7 Oct 2019
GBP/USD technical analysis: Cable in search for direction trading near 1.2330 level
- GBP/USD starts the week quietly, trading around the 1.2300 handle.
- The level to beat for bears is at the 1.2275 support.
GBP/USD daily chart
The Sterling is trading in a bear trend below its 100 and 200-day simple moving averages (DSMAs). At the start of the week, the market is trapped between the 50 SMA at 1.2254 and the 1.2400 figure.
GBP/USD four-hour chart
GBP/USD is trading near the 50 and 200 SMA while the market is trading in a tight trading range. Sellers need a break below1.2305/1.2275 to drive the market towards 1.2224 support level, according to the Technical Confluences Indicator.
GBP/USD 30-minute
The Pound/US Dollar exchange rate is ranging within the range of the last two days. Immediate resistances are seen at the 1.2326/1.2360 levels. Further up lie 1.2412 resistance, according to the Technical Confluences Indicator.
Additional key levels