GBP/USD Price Analysis: Pound on the back foot, bears challenge 1.2900 figure

GBP/USD is dropping sharply, now challenging the 1.2900 figure.
The level to beat for bears is the 1.2846 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is pulling back down sharply from the 1.3200 figure while trading below the 50 and 100 simple moving averages (SMAs). DXY is up across the board as investors are anticipating an economic package in response to the Coronavirus.

GBP/USD four-hour chart

GBP/USD is reversing down while challenging the 1.2900 figure and trading below the main SMAs on the four-hour chart. As the market is spiking down, on a break below 1.2846, it is likely the bears will extend the move down towards the 1.2780 and 1.2700 support levels. Bullish attempts could find resistance near the 1.2913 and 1.2980 resistances according to the Technical Confluences Indicator.

Resistance: 1.2913, 1.2980, 1.3030

Support: 1.2846, 1.2780, 1.2700

Additional key levels

GBP/USD

Overview
Today last price	1.2886
Today Daily Change	-0.0025
Today Daily Change %	-0.19
Today daily open	1.2911

Trends
Daily SMA20	1.2942
Daily SMA50	1.3008
Daily SMA100	1.2994
Daily SMA200	1.271

Levels
Previous Daily High	1.3129
Previous Daily Low	1.2882
Previous Weekly High	1.3049
Previous Weekly Low	1.2741
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2976
Daily Fibonacci 61.8%	1.3035
Daily Pivot Point S1	1.2819
Daily Pivot Point S2	1.2727
Daily Pivot Point S3	1.2572
Daily Pivot Point R1	1.3066
Daily Pivot Point R2	1.3221
Daily Pivot Point R3	1.3313

Author

Flavio Tosti

Independent Analyst

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