GBP/USD Price Analysis: Stills bearish on buyers failure at 1.2220

GBP/USD extends its gains to two straight weeks, gains some 1.49%.
From a daily chart perspective, the GBP/USD is still downward biased, facing solid resistance around 1.2200.
GBP/USD Price Analysis: Unless buyers reclaim 1.2245, the pair remains tilted downwards.

Christian Borjon Valencia FXStreet

The British pound finished the week on the right foot and recorded its second consecutive week in the green; it printed solid gains of 1.49%, amidst an upbeat market mood, portrayed by US equities closing higher on Friday. In the FX space, the GBP/USD is trading at 1.2170, 0.05% down, during the North American session.

GBP/USD Price Analysis: Technical outlook

The GBP/USD is still neutral-to-downward biased, trapped within the 50 and 20-day EMAs, as depicted by the daily chart. Worth noting that earlier in the European session, GBP/USD buyers broke above the 50-day EMA but could not hold the fort, and the pound tumbled towards and hit its daily low at 1.2062 before rebounding towards current price levels.

If GBP/USD buyers want to regain control, they must reclaim 1.2300; otherwise, sellers remain in charge.

GBP/USD 1-hour chart

In the near term, the GBP/USD is neutral-upwards biased. Since July 14, after reaching a daily low at 1.1759, the major began trending higher, within a 200-pip width ascending channel, which put a lid on Friday’s rally around 1.2245, right at the top of the channel. Even though the GBP/USD plunged towards 1.2065, the S1 pivot point cable recovered some ground and is trading above the confluence of all the hourly EMAs and the daily pivot.

Therefore, the GBP/USD first resistance would be the R1 daily pivot at 1.2210. Break above will expose the top-trendline of the ascending channel around 1.2245, followed by the 1.2300 figure. On the flip side, if the GBP/USD falls below the ascending channel mid-line around 1.2150, it will send the pair sliding towards the bottom-trendline of the channel at around 1.2050-60.

GBP/USD Key Technical Levels

GBP/USD

Overview
Today last price	1.2170
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.2177

Trends
Daily SMA20	1.199
Daily SMA50	1.2229
Daily SMA100	1.2534
Daily SMA200	1.2997

Levels
Previous Daily High	1.2192
Previous Daily Low	1.2104
Previous Weekly High	1.2064
Previous Weekly Low	1.1854
Previous Monthly High	1.2617
Previous Monthly Low	1.1934
Daily Fibonacci 38.2%	1.2158
Daily Fibonacci 61.8%	1.2137
Daily Pivot Point S1	1.2123
Daily Pivot Point S2	1.207
Daily Pivot Point S3	1.2036
Daily Pivot Point R1	1.2211
Daily Pivot Point R2	1.2245
Daily Pivot Point R3	1.2299

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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