GBP/USD Price Analysis: 1.3196 and 1.3312 are levels to watch out for in short-term

GBP/USD lacks a clear directional bias with prices trapped in the 1.3196-1.3312 range.
A close below 1.3196 would imply a reversal lower.

Omkar Godbole FXStreet Contributor

GBP/USD is currently trading unchanged on the day near 1.3245, having faced rejection above 1.33 twice in the past seven trading days.

The stalled rally from Nov. 2 lows near 1.2850 will likely resume if the pair ends above 1.3312, invalidating the buyer fatigue signaled by the long upper wick attached to Wednesday's candle.

Alternatively, a close below 1.3196 would negate the buy-the-dip mentality sentiment signaled by Thursday's long-tailed candle and open the doors to deeper declines.

The immediate support is located at 1.3105 (Nov. 13 low) followed by the Nov. 2 low of 1.2854.

Daily chart

Trend: Neutral

Technical levels

GBP/USD

Overview
Today last price	1.3255
Today Daily Change	-0.0019
Today Daily Change %	-0.14
Today daily open	1.3274

Trends
Daily SMA20	1.3106
Daily SMA50	1.2989
Daily SMA100	1.2974
Daily SMA200	1.2718

Levels
Previous Daily High	1.3279
Previous Daily Low	1.3196
Previous Weekly High	1.3314
Previous Weekly Low	1.3107
Previous Monthly High	1.3177
Previous Monthly Low	1.282
Daily Fibonacci 38.2%	1.3247
Daily Fibonacci 61.8%	1.3228
Daily Pivot Point S1	1.322
Daily Pivot Point S2	1.3166
Daily Pivot Point S3	1.3137
Daily Pivot Point R1	1.3304
Daily Pivot Point R2	1.3333
Daily Pivot Point R3	1.3387

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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