GBP/USD Price Analysis: Stumbles below 1.2100 on buoyant US Dollar

The Pound Sterling drops below 1.2000, set to finish the week with gains of more than 1.50%.
GBP/USD: Failure to hold above 1.2100 exacerbated a fall toward the November 24 low of 1.2049.
GBP/USD Price Analysis: A break below 1.2000 will exacerbate a fall towards 1.1800.

Christian Borjon Valencia FXStreet

The GBP/USD hovers below 1.2100 amid a subdued trading session on low volume conditions spurred by the US Thanksgiving holiday, with the US equity market set to close on Friday, around 13:00 ET. Broad US Dollar (USD) strength spurred by a risk-off impulse caused a retracement on the GBP/USD. At the time of writing, the GBP/USD is trading at 1.2079, registering a minuscule loss of 0.27%.

GBP/USD Price Analysis: Technical outlook

From a daily chart perspective, the GBP/USD remains neutral-upward biased, though lacking the force to break above the 200-day Exponential Moving Average (EMA) around 1.2181. November’s monthly high of around 1.2153 was shy of piercing the latter. Therefore, the GBP/USD would be subject to selling pressure, opening the door for further downside.

The GBP/USD 4-hour chart suggests that the major appears to be topping around the 1.2150 area in the near term, failing to break above the August 17 daily high of 1.2142, exacerbating a drop below 1.2100. Also, the Relative Strength Index (RSI) exiting from overbought conditions after peaking around 1.2150, which could mean two things: traders booking profits after a fall towards multi-decade lows around 1.0300 towards 1.2000, and also some US Dollar (USD) short covering.

Therefore, the GBP/USD path of least resistance is downwards. GBP/USD first support would be the S1 daily pivot point at 1.2050. Break below will expose the 1.2000 figure, followed by the 50-Exponential Moving Average (EMA) at around 1.1931.

GBP/USD Key Technical Levels

GBP/USD

Overview
Today last price	1.2083
Today Daily Change	-0.0037
Today Daily Change %	-0.31
Today daily open	1.212

Trends
Daily SMA20	1.1682
Daily SMA50	1.1404
Daily SMA100	1.1644
Daily SMA200	1.2192

Levels
Previous Daily High	1.2154
Previous Daily Low	1.2048
Previous Weekly High	1.2029
Previous Weekly Low	1.171
Previous Monthly High	1.1646
Previous Monthly Low	1.0924
Daily Fibonacci 38.2%	1.2113
Daily Fibonacci 61.8%	1.2088
Daily Pivot Point S1	1.206
Daily Pivot Point S2	1.2001
Daily Pivot Point S3	1.1954
Daily Pivot Point R1	1.2166
Daily Pivot Point R2	1.2213
Daily Pivot Point R3	1.2272

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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