GBP/USD Price Analysis: Pound down, approaches 1.2400 figure vs. US dollar

GBP/USD is pulling back down towards the 1.2400 figure.
GBP/USD faces an important test at the 1.2400 level.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is consolidating in the 1.2200/1.2600 zone while trading below its main SMAs on the daily chart. An uptick on the greenback is weighing on the GBP/USD currency pair.

GBP/USD four-hour chart

GBP/USD correction down is approaching the 1.2400 figure while the spot is trading below the 50/100 SMAs but still above the 200 SMA on the four-hour chart. The bulls will attempt to support the market near current levels in order to regain the 1.2500 figure one more time. However, a daily close below the 1.2400 figure can lead to further weakness towards the 1.2300 level. Resistance should emerge near the 1.2500 figure.

Resistance: 1.2500, 1.2600, 1.2700

Support: 1.2400, 1.2300, 1.2165

Additional key levels

GBP/USD

Overview
Today last price	1.2504
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2504

Trends
Daily SMA20	1.2433
Daily SMA50	1.2442
Daily SMA100	1.2744
Daily SMA200	1.2654

Levels
Previous Daily High	1.2601
Previous Daily Low	1.2483
Previous Weekly High	1.2644
Previous Weekly Low	1.236
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2528
Daily Fibonacci 61.8%	1.2556
Daily Pivot Point S1	1.2458
Daily Pivot Point S2	1.2412
Daily Pivot Point S3	1.234
Daily Pivot Point R1	1.2575
Daily Pivot Point R2	1.2647
Daily Pivot Point R3	1.2693

Author

Flavio Tosti

Independent Analyst

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