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24 Sep 2019

GBP/USD technical analysis: Cable challenging 1.2160 support

  • GBP is up as the UK Supreme Court said PM Johnson is guilty of suspending the parliament unlawfully.
  • The level to beat for sellers is the 1.2460 support level.
 

GBP/USD daily chart

 
The Pound is trading is in a bear trend below its 200-day simple moving averages (SMAs). The UK Supreme Court said PM Johnson is guilty of suspending the parliament unlawfully, which made GBP rose across the board in the London session. 

GBP/USD four-hour chart

 
 
The head-and-shoulders (H&S) structure is keeping the market capped below the 1.2480/1.2510 resistance zone. If broken to the upside, the market can reach 1.2582 swing high. A move beyond that level would negate the H&S.

GBP/USD 30-minute chart

 
 
A break of 1.2460 support to the downside would expose 1.2413 key support, according to the Technical Confluences Indicator. If there is a breakdown, it would likely occur after about an hour after the London close. 
 
 

Additional key levels

 

Sep 24, 2019

Mexican: Central bank likely to cut and retain a cautious tone – TDS

According to analysts from TDS, the Bank of Mexico will cut its rate by 25bps on Thursday. They expect it to retain a cautious tone on the pace of eas
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Sep 24, 2019

United Kingdom 30-y Bond Auction down to 1.153% from previous 1.421%

United Kingdom 30-y Bond Auction down to 1.153% from previous 1.421%
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