GBP/USD technical analysis: Cable clings to daily highs near 1.2865 after London close

GBP/USD is trading near daily highs after the London close.
The level to beat for buyers is the 1.2882/1.2900 resistance zone.

GBP/USD daily chart

The market is currently correcting the advance in the 1.2800-1.3000 price zone. The Cable, last month, had a bull run to levels not seen since mid-May 2019.

GBP/USD four-hour chart

GBP/USD is nearing the 1.2882/1.2900 resistance zone and the 50/100 SMAs. Bulls would need a break above this area on a daily basis in order to reclaim the 1.2950 resistance, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling is trading above its main SMAs, suggesting a potential bullish bias in the near term. It will be interesting to see if the market can break the 1.2882/1.2900 resistance zone. To the downside, 1.2835 and 1.2795 can act as support levels, according to the Technical Confluences Indicator.

Additional key levels

Nov 12, 2019

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