GBP/USD Price Analysis: Oscillates near 1.2310, as the formation of a death-cross loom

GBP/USD hovers around 1.2310, after a brief ascent to a weekly high of 1.2337.
Potential death-cross formation on the horizon signals possible further downtrend for the pair.
Key levels to watch: 1.2300 support and 1.2400 resistance, with broader implications for trend direction.

Christian Borjon Valencia FXStreet

GBP/USD prints minuscule losses as Thursday’s Asian session begins after enjoying modest gains of 0.22%, which dragged the exchange rate towards a weekly high of 1.2337. However, late in the New York session, the major retreated towards 1.2310, where the exchange rate oscillates at the time of writing.

Data from the United States (US) did little to help the Greenback (USD) offset its losses versus the Pound Sterling (GBP).

From a technical standpoint, the GBP/USD remains in a downtrend, which could be confirmed with the 50-day moving average (DMA) about to cross below the 200-DMA, forming a death-cross that implies the major could extend its losses. In that event, the major first support would be 1.2300, which, once cleared, could pave the way for a dip to the October 4 cycle low of 1.2037. A breach of the latter would expose the year-to-date (YTD) low of 1.1802.

Conversely, the GBP/USD must reclaim 1.2400 for a bullish continuation before launching an attack toward the 200-DMA at 1.2442.

GBP/USD Price Action - Daily chart

GBP/USD Technical Levels

GBP/USD

Overview
Today last price	1.2311
Today Daily Change	0.0025
Today Daily Change %	0.20
Today daily open	1.2286

Trends
Daily SMA20	1.2255
Daily SMA50	1.2495
Daily SMA100	1.2604
Daily SMA200	1.2441

Levels
Previous Daily High	1.2292
Previous Daily Low	1.2212
Previous Weekly High	1.2262
Previous Weekly Low	1.2037
Previous Monthly High	1.2713
Previous Monthly Low	1.2111
Daily Fibonacci 38.2%	1.2261
Daily Fibonacci 61.8%	1.2242
Daily Pivot Point S1	1.2235
Daily Pivot Point S2	1.2184
Daily Pivot Point S3	1.2155
Daily Pivot Point R1	1.2315
Daily Pivot Point R2	1.2343
Daily Pivot Point R3	1.2395

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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