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

FX Street
Updated:
  • 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

 

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