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24 Sep 2019
GBP/USD technical analysis: Head-and-Shoulders top limits upside
- GBP rose in the London session as 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 Sterling is trading is in a downtrend below the 200-day simple moving averages (SMAs). As the New York session is starting the market is probing the 1.2500 handle and the 100 SMA. It has been reported that the UK Supreme Court said PM Johnson is guilty of suspending the parliament unlawfully, which made GBP rose accross the board in the Loindon session.
GBP/USD four-hour chart
The head-and-shoulders (H&S) structure suggest that the bull run might have run its course. A break above 1.2480/1.2510 resistance zone can expose 1.2582 swing high. A break above that level would negate the H&S.
GBP/USD 30-minute chart
The Pound is challenging Monday’s highs, the 1.2480 resistance and the 200 SMA. Bulls need a break above 1.2510 to open the doors to the 1.2582 swing high.
On the flip side, if the market break 1.2460 to the downside, it would expose 1.2413 key support, according to the Technical Confluences Indicator.
Additional key levels