GBP/USD has one more resistance line

12 November, 2019

GBP/USD is trading in the mid 1.28s after Nigel Farage's Brexit Party boosted Prime Minister Boris Johnson's chances of winning. How high can cable climb? 

The Technical Confluences Indicator is showing that GBP/USD faces resistance at 1.2880, which is the convergence of the Fibonacci 61.8% one-week, the Simple Moving Average 200-1h, the SMA 50-4h, the Bollinger Band 4h-Upper and more. 

If it overcomes this level, the next resistance is only around 1.3013, which is the meeting point of the Pivot Point one-week Resistance 2 and the previous monthly high. 

Support awaits at 1.2840, which is the confluence of the Fibonacci 38.2% one-week, the SMA 100-1h, the BB 1h-Lower, and the SMA 5-one-day. 

Further down, strong support is at 1.2720, which is where the Fibonacci 161.8% one-day and the PP one-week S1. 

 


Source   Presented by HYCM
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