GBP/USD technical analysis: Cable tumbles below 1.2100 handle as Brexit chaos weighs on Sterling

09/02/2019 13:00:25 GMT|ByFlavio Tosti

The Cable is starting the week on the defensive breaking below the 1.2100 handle.
The levels to beat for sellers are seen at 1.2065, followed by 1.2035 support levels.

GBP/USD daily chart

The Great British Pound is trading in a bear trend below the main daily simple moving averages (SMAs). GBP/USD is starting the week on the defensive as the threat of elections in the UK is weighing on the Sterling.

GBP/USD 4-hour chart

The Cable is trading below 1.2091/1.2104 resistance zone and the main SMAs on the 4-hour time frame. GBP/USD bears are most likely looking for a break below the 1.2065 support to potentially reach the 1.2035, 1.2010 and 1.1935 levels on the way down, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading below the main SMAs, suggesting a bearish bias in the near term. Immediate resistances are seen at the 1.2091/1.2104 levels followed by 1.2130, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2071
Today Daily Change	-0.0093
Today Daily Change %	-0.76
Today daily open	1.2164

Trends
Daily SMA20	1.2153
Daily SMA50	1.235
Daily SMA100	1.2586
Daily SMA200	1.2765

Levels
Previous Daily High	1.2226
Previous Daily Low	1.2139
Previous Weekly High	1.231
Previous Weekly Low	1.2139
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2172
Daily Fibonacci 61.8%	1.2193
Daily Pivot Point S1	1.2127
Daily Pivot Point S2	1.2089
Daily Pivot Point S3	1.2039
Daily Pivot Point R1	1.2214
Daily Pivot Point R2	1.2264
Daily Pivot Point R3	1.2302

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