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GBP/USD technical analysis: Cable trading below 1.2230 ahead of the FOMC Minutes

Written by By Flavio Tosti | 2019-10-09 14:22:09 GMT
  • GBP/USD is retracing the Brexit-related spike to 1.2292. 
  • The level to beat for bears is the 1.2200 support. 
  • The FOMC Minutes are scheduled at 18:00 GMT. 
 
 

GBP/USD daily chart

 
 

On the daily chart, the Cable is trading in a bear trend below the main daily simple moving averages (DSMAs). At the start of the day, GBP/USD jumped on reports of EU concession on the Irish backstop. The FOMC Minutes scheduled at 18:00 GMT can lead to some volatility on the currency pair. 

 

GBP/USD four-hour chart

 

GBP/USD is back into the 1.2200/1.2226 support zone. A break below 1.2200 can expose the 1.2130 level to the downside, according to the Technical Confluences Indicator.

 
 
 

GBP/USD 30-minute chart

 
 

The Sterling is trading below the 100 and 200 SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 1.2255 and 1.2280 price levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price 1.2223
Today Daily Change 0.0004
Today Daily Change % 0.03
Today daily open 1.2219
 
Trends
Daily SMA20 1.2376
Daily SMA50 1.2255
Daily SMA100 1.242
Daily SMA200 1.2718
 
Levels
Previous Daily High 1.2303
Previous Daily Low 1.2194
Previous Weekly High 1.2414
Previous Weekly Low 1.2205
Previous Monthly High 1.2583
Previous Monthly Low 1.1958
Daily Fibonacci 38.2% 1.2236
Daily Fibonacci 61.8% 1.2261
Daily Pivot Point S1 1.2174
Daily Pivot Point S2 1.213
Daily Pivot Point S3 1.2065
Daily Pivot Point R1 1.2283
Daily Pivot Point R2 1.2347
Daily Pivot Point R3 1.2392

 

 

Author

By Flavio Tosti

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