GBP/USD technical analysis: Cable rises and finds resistance at the 1.2700 handle
- GBP/USD is on the rise as USD weakens across the board.
- The level to beat for bulls is 1.2700 resistance.
GBP/USD daily chart
GBP/USD is trading in a bear trend below its main simple moving averages. The market is rebounding from the 1.2500 handle.
Cable rose sharply this Thursday and found tough resistance near 1.2700 figure. A daily close above that level would be encouraging for bulls to have a run towards 1.2759 (pivot point R2 and previous week high).
GBP/USD 30-minute chart
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.