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4 Sep 2019
GBP/USD technical analysis: Cable approaching 1.2250 as lawmakers reject motion to hold general election
- The Sterling keeps adding to its intraday gains as lawmakers reject motion to hold general election.
- GBP/USD bullish move is also supported by the broad-based USD weakness.
GBP/USD daily chart
The GBP/USD currency pair is trading in a bear trend below its main daily simple moving averages (SMAs). The market is rebounding sharply from multi-year lows as the chances of a no-deal Brexit are shrinking and the US Dollar is on the back foot. Additionally, it has just been reported that lawmakers rejected motion to hold general election, sending GBP/USD higher.
GBP/USD 4-hour chart
GBP/USD is challenging the 1.2243 level as the market is trading above its main SMAs. If buyers overcome 1.2243, the market is set to move up towards 1.2274 and 1.2314 resistance levels, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
GBP/USD is trading at its daily highs while above its main SMAs, suggesting a correction up in the near term. Immediate support can be seen at 1.2222, 1.2185 and 1.2165 levels, according to the Technical Confluences Indicator.
Additional key levels