GBP/USD Technical Analysis: Cable 1.3000 Test

Multiple pound notes £5, £20 and £50 Pound Sterling
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By :  ,  Sr. Strategist

GBP/USD Talking Points:

  • GBP/USD was an item of interest addressed in yesterday’s webinar for scenarios of USD-weakness.
  • The pair has pulled back this morning with buyers showing up two pips above a test of the psychologically important 1.3000 level.
  • I’ll be looking into these setups in the Tuesday webinar and you’re welcome to join, click here for registration information.

It’s been a busy morning in the US Dollar after the release of US CPI and for GBP/USD, there’s been a visible sell-off taking-hold since the US open.

I looked into the pair in yesterday’s webinar specifically for themes of USD-weakness, highlighting the 1.3000 level as an area of interest. That price had helped to set the high in July and was followed by a strong pullback, but since the breakout on August 20th hasn’t re-tested that price as support.

 

GBP/USD Weekly Price Chart

gbpusd weekly 91124Chart prepared by James Stanley, GBP/USD on Tradingview

 

Bulls aren’t yet out of the woods as all that we’ve seen at this point was a bounce two pips above the 1.3000 spot. There’s an area of lower-high resistance potential spanning from 1.3050-1.3058 that buyers will need to break through to exhibit a greater sense of control. If they can, the next area of resistance potential that I’m tracking plots around the 1.3100 level with another big spot around 1.3161.

Get our exclusive guide to GBP/USD trading in H2 2024

GBP/USD 30-Minute Chart

gbpusd 30m 91124Chart prepared by James Stanley, GBP/USD on Tradingview

 

--- written by James Stanley, Senior Strategist

 

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