GBP/USD technical analysis: Cable gaining 200 pips on the day, challenging 1.2400 handle on Brexit hopes

October 10, 2019 Off By admin-445
  • GBP/USD soars 200 pips as Irish PM Varadkar believes it’s possible to reach a deal before October 31st.
  • GBP/USD is challenging the 1.2400 handle while spanning the entire October range.  
 

GBP/USD daily chart

 
 
On the daily chart, the Cable is trading in a bear trend below the 200-day simple moving average (DSMA). GBP/USD is on fire as Irish PM Varadkar believes it’s possible to reach a deal before October 31st.
 

 

GBP/USD four-hour chart

 
GBP/USD is challenging the 1.2400 handle as GBP/USD spanned its entire current monthly range. A daily close above the current resistance at 1.2400 can lead to further strength towards the 1.2500 figure.
 

 GBP/USD 30-minute chart

 
 
The Sterling is trading above the main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2360 and 1.2340 price levels. 
 
 

Additional key levels

 

Source: www.forexcrunch.com