Home GBP/USD Technical Analysis: Cable challenging weekly highs ahead of Trump-Juncker meeting
FXStreet News

GBP/USD Technical Analysis: Cable challenging weekly highs ahead of Trump-Juncker meeting

  • GBP/USD is currently challenging the weekly high near the 1.3175  level. GBP/USD is trading above all its main simple moving averages (50, 100 and 200 SMA) suggesting a bullish bias ahead of the Trump-Juncker meeting scheduled at 17:30 GMT.  
  • Bulls objective is to clearly break above the current daily/weekly high at 1.3175 in order to reach the 1.3200 figure and 1.3230 supply level.
  • On the other hand, bears need to overcome the main SMA and the 1.3100 figure in order to create a credible bear reversal.  

GBP/USD 15-minute chart  

Spot rate:               1.3175
Relative change:    0.25%      
High:                      1.3178
Low:                       1.3137

Trend:                    Bearish / Risk of bullish reversal

Resistance 1:        1.3200 figure
Resistance 2         1.3230 supply level
Resistance 3:        1.3250 June 4 high  

Support 1:             1.3155 former breakout point
Support 2:             1.3100 figure  
Support 3:             1.3049 June 28 low
Support 4:             1.3010 July 18 low
Support 5:             1.2957 current 2018 low
Support 6:             1.2908 September 5, 2017 low  

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.