Feb 18, 2020
GBP/USD Price Analysis: Pound off session highs, holds above 1.3000 level
- GBP/USD is gaining steam above the 1.3000 figure.
- The level to beat for buyers is the 1.3080 resistance.
GBP/USD daily chart
Following the October and December bull-run, pound/dollar is trading in a rectangle consolidation above the 100/200-day simple moving averages (SMAs). The spot is trading below the 1.3100 and 50 SMA.
GBP/USD four-hour chart
The pound is rebounding from the 1.3000 support while challenging the 200 SMAs on the four-hour chart. Bulls seem unwilling to let go, however they need to overcome the 1.3080 level to reach the upper side of the range near 1.3125 and 1.3160 levels. Supports are likely located near 1.3000, 1.2958 and 1.2931 level, according to the Technical Confluences Indicator.
Resistance: 1.3080, 1.3125, 1.3160
Support: 1.3000, 1.2958, 1.2931
Additional key levels