GBP/USD Price Analysis: Buyers and sellers jostle below 1.2300

GBP/USD looks for clear directions amid broad bearish trend.
Monday’s candlestick suggesting a trend reversal, oversold RSI question the sellers.
Buyers will wait for a sustained break of 200-day SMA for entry.

Anil Panchal FXStreet

Having flashed a Doji candlestick formation on the daily (D1) chart, GBP/USD seesaws near 1.2270 during the Asian session on Tuesday.

The Cable searches for the clear catalyst as bearish MACD signals and trading below 200-day SMA keeps the sellers in command whereas a candlestick formation indicating trend reversal and oversold RSI pushes the buyers to look for entry.

Monday’s top near 1.2425 and 61.8% Fibonacci retracement of the pair’s September-December 2019 upside, around 1.2555, can offer nearby resistances to the quote ahead of 200-day SMA level of 1.2700.

In a case where the bulls manage to conquer 1.2700, November 2019 bottom surrounding 1.2820 will be on their radars.

Meanwhile, October 219 low near 1.2195 holds the key to the pair’s further downside, which if broken could drag the quote towards 1.2100 and then to September 2019 low surrounding 1.1960.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2267
Today Daily Change	-10 pips
Today Daily Change %	-0.08%
Today daily open	1.2277

Trends
Daily SMA20	1.2873
Daily SMA50	1.2972
Daily SMA100	1.2985
Daily SMA200	1.2708

Levels
Previous Daily High	1.2625
Previous Daily Low	1.2264
Previous Weekly High	1.3201
Previous Weekly Low	1.2264
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2402
Daily Fibonacci 61.8%	1.2487
Daily Pivot Point S1	1.2153
Daily Pivot Point S2	1.2028
Daily Pivot Point S3	1.1792
Daily Pivot Point R1	1.2513
Daily Pivot Point R2	1.2749
Daily Pivot Point R3	1.2874

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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