GBP/USD Price Analysis: Double tops around 1.2250 tease Cable sellers ahead of key UK data

GBP/USD retreats from intraday high to pare the biggest weekly gain since late November.
RSI pullback from nearly overbought conditions adds strength to the pullback moves.
200-SMA, weekly support line appears crucial challenge for bears.
UK monthly GDP, output and trade numbers for November will be crucial to watch.

Anil Panchal FXStreet

GBP/USD prints mild losses around 1.2200 as bulls take a breather at the monthly high ahead of the key UK data on early Friday. In doing so, the Cable pair consolidates the biggest weekly gains in six while printing the double top bearish chart formation on the four-hour play.

Also read: GBP/USD picks demand around 1.2200 as risk appetite improves further

Additionally, teasing the GBP/USD bears could be the sluggish MACD signals and the RSI (14) retreat from the nearly overbought region.

However, the 200-SMA and an upward-sloping trend line from January 06, respectively near 1.2140 and 1.2115, appear tough nuts to crack for the GBP/USD pair sellers.

Following that, a downward trajectory toward the monthly low of 1.1841 can’t be ruled out.

It’s worth noting that the GBP/USD weakness past 1.1841 will confirm the “double tops” and will theoretically signal a south-run to 1.1440.

Alternatively, an upside clearance of the 1.2250 level will defy the bearish chart pattern, which in turn will direct GBP/USD buyers towards the previous monthly high surrounding 1.2445-50.

In case where the Cable pair remains firmer past 1.2450, its run-up towards May 2022 high near 1.2665 can’t be ruled out.

GBP/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.2207
Today Daily Change	-0.0007
Today Daily Change %	-0.06%
Today daily open	1.2214

Trends
Daily SMA20	1.2084
Daily SMA50	1.202
Daily SMA100	1.1683
Daily SMA200	1.2001

Levels
Previous Daily High	1.2247
Previous Daily Low	1.2088
Previous Weekly High	1.2102
Previous Weekly Low	1.1841
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2186
Daily Fibonacci 61.8%	1.2149
Daily Pivot Point S1	1.212
Daily Pivot Point S2	1.2025
Daily Pivot Point S3	1.1961
Daily Pivot Point R1	1.2278
Daily Pivot Point R2	1.2342
Daily Pivot Point R3	1.2437

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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