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5 Aug 2019
GBP/USD technical analysis: Cable trading near daily highs ahead of the ISM Non-Manufacturing PMI
- GBP/USD is stabilizing off the monthly lows above the 1.2100 figure.
- The levels to beat for bulls are 1.2167 and 1.2190 on the way up.
ISM Non-Manufacturing PMI may disappoint and weigh on the dollar – FXStreet Surprise Index
GBP/USD daily chart
GBP/USD is off multi-month lows attempting to stabilize above 1.2100 figure and below its main daily simple moving averages (SMAs).
GBP/USD 4-hour chart
GBP/USD is consolidating last weeks losses. However, sellers would need to reclaim the 1.2135 and 1.2100 support to resume the downtrend towards 1.2065, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
Cable is hovering near the daily highs challenging the 1.2167 resistance while trading above its main SMAs. The bulls want to break this resistance to potentially extend the correction up towards 1.2190, 1.2211 and 1.2265, according to the Technical Confluences Indicator.
Additional key levels