Home GBP/USD technical analysis: Cable challenging key 1.2366 resistance in the New York session
FXStreet News

GBP/USD technical analysis: Cable challenging key 1.2366 resistance in the New York session

FX Street
Updated:
  • The Sterling is consolidating its intraday gains near key resistance in the New York session.
  • Support is seen at 1.2340 and 1.2315 price levels, according to the Technical Confluences Indicator.
 

GBP/USD daily chart

 
GBP/USD is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, Sterling is trying to create a double bottom as the market is nearing the 1.2400 figure.  

GBP/USD four-hour chart

 
GBP/USD is consolidating the intraday gains just near the 1.2366 key resistance as the market is trading above its main SMAs. Bulls’ objective is to climb above 1.2366 on a daily closing basis. The next resistances on the way up can be at 1.2410 and 1.2444 price levels, according to the Technical Confluences Indicator.
 

GBP/USD 30-minute chart

 
The Pound is trading above its main SMAs, suggesting bullish momentum in the near term. Bears need to reclaim the 1.2341 and 1.2315 support to generate a more meaningful retracement towards 1.2263 support, according to the Technical Confluences Indicator.  
 

Additional key levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024