19 Sep 2018
GBP/USD Techncial Analysis: bumping higher on Brexit hopes
- The Sterling is popping in the early overnight session for Wednesday as Brexit headlines cross the wires, with hopes on the rise for a workable resolution being imminent.
- The GBP/USD has touched into a fresh weekly high on the news at 1.3175 and buyers will be looking for a continuation of momentum.
- Hourly Stochastics and RSI are pointing towards the potential for a continued bullish push, crossing their medians but remaining below overbought conditions.
GBP/USD Chart, 15-Minute
| Spot rate | 1.3166 |
| Relative change | 0.15% |
| High | 1.3175 |
| Low | 1.3135 |
| Trend | Sideways to bullish |
| Support 1 | 1.3118 (previous day high) |
| Support 2 | 1.3057 (200-hour EMA) |
| Support 3 | 1.3034 (50-day EMA) |
| Resistance 1 | 1.3213 (July 26th swing high) |
| Resistance 2 | 1.3294 (200-day EMA) |
| Resistance 3 | 1.3350 (major technical level) |