20 Nov 2019
GBP/USD Technical Analysis: Cable trades steady above 1.2900 figure post-FOMC minutes
- The cable is about to end the day virtually unchanged above the 1.2900 handle.
- Support is seen at 1.2910 and 1.2890 levels.
- FOMC minutes: Most policymakers said rate cut was warranted due to global weakness.
GBP/USD daily chart
Sterling/Dollar is consolidating last month’s rally in the 1.2800-1.3000 price zone. GBP/USD, last month, reached levels not seen since mid-May 2019. FOMC minutes: Most policymakers said rate cut was warranted due to global weakness.
GBP/USD four-hour chart
The market is trading above the 1.2900 handle and the main SMAs, suggesting bullish momentum in the medium term. Buyers will likely try to retake the 1.2940 and 1.2957 resistances on the way up, according to the Technical Confluences Indicator. Further up lie the 1.2986 level.
GBP/USD 30-minute chart
The market is trading just above the 50 and 200 SMAs, suggesting a bullish bias in the near term. Support is seen at the 1.2910, 1.2890 and 1.2870 price levels.
Additional key levels