GBP/USD is consolidating Tuesday’s losses below the 1.2900 handle.
The level to beat for sellers is the 1.2815 support.
GBP/USD daily chart
The Pound, on the daily chart, had a spike above the main daily simple moving averages (DSMAs) while hitting levels not seen since mid-May 2019. The Brexit headlines are the main catalysts behind the GBP/USD rollercoaster. The UK Parliament rejected the PM Boris Johnson’s fast-track process for approving the Brexit deal. Elections can be next along with an extension of the Article 50.
GBP/USD four-hour chart
The Sterling is trading in a bull channel above its main SMAs. After a retracement down, the spot is challenging the 1.2900 handle. A break above 1.2908 could potentially lead to further gains towards 1.2935/50 resistance zone, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
GBP/USD is trading below the main SMAs, suggesting a bearish momentum in the near term. Bears need to break the 1.2815 support to travel towards the 1.2772 price level, according to the Technical Confluences Indicator.
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.