19 Nov 2019
GBP/USD Technical Analysis: Cable trading at weekly lows, challenging the 1.2910 level
- GBP/USD is trading at its lowest since the week started.
- The level to beat for bears is the 1.2910 support.
GBP/USD daily chart
The pound is currently correcting last month’s rally in the 1.2800-1.3000 price zone. GBP/USD, in October, hit levels not seen since mid-May 2019.
GBP/USD four-hour chart
GBP/USD is easing from the monthly highs while nearing the 1.2910 support level. A break below it could lead to further losses towards the 1.2890 and 1.2870 levels, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
The spot is trading at daily lows below its main SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 1.2940, 1.2957 and 1.2985 price levels.
Additional key levels