GBP/USD Price Analysis: Cable indecisive near 200-day SMA support

GBP/USD charted a Doji candle on Wednesday, neutralizing the immediate bearish outlook.
Tuesday's low is now the level to beat for the bears.

Omkar Godbole FXStreet Contributor

GBP/USD created a Doji candle at the confluence of the 200- and 100-day simple moving averages (SMA) on Wednesday.

A Doji candle occurs when an asset sees two-way business but ends the day on a flat note. It is considered a sign of indecision.

In GBP/USD's case, the Doji candle has appeared following a notable sell-off from 1.3483 to 1.2675 and at the 200-day SMA support line. As such, it could be taken to represent seller exhaustion.

That said, a bullish reversal would be confirmed if the pair ends Thursday above the Doji candle's high of 1.2777. Alternatively, acceptance below the Doji's low of 1.2675 would imply a continuation of the sell-off from 1.3483.

At press time, the pair is trading at 1.2722, a level housing the 100- and 100-day SMAs.

Daily chart

Trend: Neutral

Technical levels

GBP/USD

Overview
Today last price	1.2722
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	1.2724

Trends
Daily SMA20	1.3042
Daily SMA50	1.3011
Daily SMA100	1.2726
Daily SMA200	1.2723

Levels
Previous Daily High	1.2777
Previous Daily Low	1.2676
Previous Weekly High	1.3007
Previous Weekly Low	1.2777
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2714
Daily Fibonacci 61.8%	1.2738
Daily Pivot Point S1	1.2674
Daily Pivot Point S2	1.2624
Daily Pivot Point S3	1.2572
Daily Pivot Point R1	1.2776
Daily Pivot Point R2	1.2827
Daily Pivot Point R3	1.2877

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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