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24 Sep 2019
GBP/USD technical analysis: Cable challenging 1.2160 support
- GBP is up as the UK Supreme Court said PM Johnson is guilty of suspending the parliament unlawfully.
- The level to beat for sellers is the 1.2460 support level.
GBP/USD daily chart
The Pound is trading is in a bear trend below its 200-day simple moving averages (SMAs). The UK Supreme Court said PM Johnson is guilty of suspending the parliament unlawfully, which made GBP rose across the board in the London session.
GBP/USD four-hour chart
The head-and-shoulders (H&S) structure is keeping the market capped below the 1.2480/1.2510 resistance zone. If broken to the upside, the market can reach 1.2582 swing high. A move beyond that level would negate the H&S.
GBP/USD 30-minute chart
A break of 1.2460 support to the downside would expose 1.2413 key support, according to the Technical Confluences Indicator. If there is a breakdown, it would likely occur after about an hour after the London close.
Additional key levels