15 Aug 2019
GBP/USD technical analysis: Cable off daily highs coiling near the 1.2116 level
- GBP/USD is consolidating the intraday gains by trading off the daily high.
- The market reached 4-day high to 1.2151 following the release of the better-than-expected UK Retail Sales.
GBP/USD daily chart
The Cable is trading above the 1.2100 mark. Earlier in the London session, the UK Retail Sales data surprised to the upside at 2.9% vs. 2.3% in July (YoY). The Pound rose sharply against the USD after the release of the data.
GBP/USD 4-hour chart
The Cable is consolidating between the 50 and 100 SMA. A break above 1.2135 level could lead to 1.2187 and 1.2212 resistances, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
The run-up to 1.2135 resistance could be an overaction to the UK Retail Sales data. In the short term, if the market retraces down below 1.2116, it could find potential support at 1.2082 and 1.2060, according to the Technical Confluences Indicator.
Additional key levels