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GBP/USD: technical levels to trade

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Trade ideas

SELL 1.2924; TP1 1.2905; TP2 1.2890; SL 1.2935

BUY 1.2955; TP 1.2975; SL 1.2945

GBP/USD met resistance at 1.2950 (resistance line connecting the highs of November). The Awesome Oscillator on the D1 is declining. It means that the pound doesn’t have a lot of bullish momentum to keep pushing higher and may form a short-term top. The pair will likely correct to support at 1.2905 (50-period MA on H4). The next level to watch on the downside will be the 100-period MA at 1.2887. The advance above 1.2950 is needed to open the way up to 1.2970 and 1.2985 (November highs). The level of 1.30 will likely the upside for GBP/USD ahead of the December 12 election. 

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FBS Analyst Team

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