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GBP/USD technical analysis: Cable rises and finds resistance at the 1.2700 handle

2019-06-21 01:05

  • 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.





GBP/USD 4-hour chart



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



GBP/USD is trading above its main SMAs suggesting a bullish bias in the short term. The 1.2650 and 1.2627 levels are seen as strong support according to the Technical Confluences Indicator.  





Additional key levels





 


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.

Economic news

    Exchange Rates

    GBPUSD -0.24% 1.30436
    EURUSD +0.35% 1.1859
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    US30 -0.37% 28303.9