GBP/USD Price Analysis: Pound trading below the 1.2300 resistance vs. US dollar

GBP/USD is trading off 6-week lows on the third day of the week.
The level to beat for sellers is the 1.2200 figure.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading below the main SMAs on the daily chart suggesting a bearish bias as the market is rebounding mildly from 6-week lows.

GBP/USD four-hour chart

GBP/USD is having a reaction up although the spot is still trading below the 100 and 200 SMAs on the four-hour chart. The market is currently capped by the 1.2300 figure and the 50 SMA. Since the overall trend is down, bears can come back soon and try to drive prices below the 1.2200 level en route towards the 1.2100 level. On the other hand, a clear break beyond 1.2300 can yield further but limited advances. Resistances can be seen near 1.2400 and 1.2500 levels.

Resistance: 1.2300, 1.2400, 1.2500

Support: 1.2200, 1.2100, 1.1955

Additional key levels

GBP/USD

Overview
Today last price	1.2284
Today Daily Change	0.0031
Today Daily Change %	0.25
Today daily open	1.2253

Trends
Daily SMA20	1.2355
Daily SMA50	1.2294
Daily SMA100	1.2651
Daily SMA200	1.2664

Levels
Previous Daily High	1.2296
Previous Daily Low	1.2184
Previous Weekly High	1.2438
Previous Weekly Low	1.2102
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2254
Daily Fibonacci 61.8%	1.2227
Daily Pivot Point S1	1.2193
Daily Pivot Point S2	1.2132
Daily Pivot Point S3	1.208
Daily Pivot Point R1	1.2305
Daily Pivot Point R2	1.2357
Daily Pivot Point R3	1.2417

Author

Flavio Tosti

Independent Analyst

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