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  • The Sterling is hanging above the August highs.  
  • USD is regaining some strength making GBP/USD corrects down about 30 pips from daily highs.  

GBP/USD daily chart

The GBP/USD currency pair is in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, the Sterling is rebounding sharply from multi-year lows as the bill to block a no-deal Brexit passed the House of Commons. On the other hand, the US Dollar is regaining some strength after the release of the better-than-expected United States Non-Manufacturing PMI. The data came in at 56.4 in August vs. 54 forecast by analysts.

GBP/USD 4-hour chart

GBP/USD is consolidating the recent gains above the 1.2312 support. If buyers intend to extend the recent recovery, they need to overcome 1.2348 resistance to drive the market towards 1.2384 and 1.2422 resistance levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is off the daily highs while above the main SMAs, suggesting bullish momentum in the near term. Immediate support can be seen at 1.2312, 1.2281 and 1.2243 levels, according to the Technical Confluences Indicator.  

Additional key levels