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28 Aug 2019
GBP/USD technical analysis: Cable clinging to daily gains at monthly highs
- GBP/USD is trading near its highest point in August, hitting 1.2310 on an intraday basis.
- The levels to beat for bulls are seen at 1.2329, followed by 1.2361 resistances.
GBP/USD daily chart
GBP/USD is trading in a bear trend below the main daily simple moving averages (SMAs). However, in the last two weeks, the market has been bouncing after printing a 2019 low at the 1.2015 level.
GBP/USD 4-hour chart
The Cable broke to a new August high above the 200 SMA on the 4-hour time frame. Bulls have now a thick cluster of resistance to go through. If the buyers manage to pierce 1.2329/1.2348 and 1.2361, the market may reach 1.2386 on the way up, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
GBP/USD is trading above its main SMAs, suggesting a bullish bias in the short term. Immediate supports are seen at 1.2265 and 1.2214 levels.
Additional key levels