GBP/USD technical analysis: Cable reverses daily decline as bulls challenge the 1.2175 resistance level

08/20/2019 17:26:39 GMT|ByFlavio Tosti

GBP/USD erases its intraday losses as the market rises to 1.2175 resistance.
The levels to beat for bulls are the 1.2175 and 1.2211 levels.

GBP/USD daily chart

The Cable is trading in a bear trend below the main daily simple moving averages (SMAs). The market this Tuesday reversed its earlier losses as spot is heading towards the 1.2200 figure.

GBP/USD 4-hour chart

The Cable is challenging 1.2175 resistance while trading above the 50 and 100 SMAs. If the bulls break 1.2175 to the upside, the market could accelerate towards the 1.2211 and 1.2250 resistance levels.

GBP/USD 30-minute chart

GBP/USD had a bullish surprise this Tuesday as the market completely reversed its earlier decline. Bears might have given up suggesting that the path of least resistance is to the upside in the short term. Immediate supports are seen at 1.2154, 1.2141, 1.2122 and at the 1.2097 level, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2169
Today Daily Change	0.0042
Today Daily Change %	0.35
Today daily open	1.2127

Trends
Daily SMA20	1.2188
Daily SMA50	1.243
Daily SMA100	1.2665
Daily SMA200	1.2794

Levels
Previous Daily High	1.2173
Previous Daily Low	1.2105
Previous Weekly High	1.2176
Previous Weekly Low	1.2015
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2131
Daily Fibonacci 61.8%	1.2147
Daily Pivot Point S1	1.2097
Daily Pivot Point S2	1.2067
Daily Pivot Point S3	1.2029
Daily Pivot Point R1	1.2165
Daily Pivot Point R2	1.2203
Daily Pivot Point R3	1.2233

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

{{Text}}

News