GBP/USD Price Analysis: 1.2400 guards immediate upside

GBP/USD struggles to find traction after a three-day winning streak.
A confluence of short-term key SMAs restricts immediate upside.
Sellers wait for entry below the three-week-old support line.

Anil Panchal FXStreet

GBP/USD stays depressed around 1.2365 during the early Asian session on Monday. In doing so, the Cable remains below a confluence of 21-day and 10-day SMA while staying above 50% Fibonacci retracement of March month downside.

Not only the pair’s trading between the key technical levels but a lack of direction from MACD also suggests the traders’ indecision.

It should also be noted that in addition to the 50% Fibonacci retracement level, near 1.2300, an upward sloping trend line since April 07, around 1.2285, also adds to the pair’s downside support.

Should GBP/USD prices slip below 1.2285, challenges to the monthly low near 1.2165 can’t be ruled out.

On the contrary, an upside clearance of 1.2400 resistance confluence on a daily closing basis will have to clear 61.8% Fibonacci retracement level of 1.2515 before pushing the buyers towards 200-day SMA level of 1.2655.

GBP/USD daily chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.2366
Today Daily Change	-6 pips
Today Daily Change %	-0.05%
Today daily open	1.2372

Trends
Daily SMA20	1.2406
Daily SMA50	1.2489
Daily SMA100	1.278
Daily SMA200	1.2653

Levels
Previous Daily High	1.2377
Previous Daily Low	1.2298
Previous Weekly High	1.2503
Previous Weekly Low	1.2247
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2347
Daily Fibonacci 61.8%	1.2328
Daily Pivot Point S1	1.2321
Daily Pivot Point S2	1.227
Daily Pivot Point S3	1.2242
Daily Pivot Point R1	1.24
Daily Pivot Point R2	1.2428
Daily Pivot Point R3	1.2479

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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