GBP/USD technical analysis: Another pullback from 21-day SMA shows sellers’ dominance

GBP/USD loses upside momentum while reversing from 21-day SMA.
1.2100 becomes an immediate support to watch.

Anil Panchal FXStreet

GBP/USD pulls back from the 21-day simple moving average (SMA) as it drops to 1.2150 heading into the UK open on Wednesday.

Buyers stay away unless the pair clear immediate upside barrier, namely 21-day SMA level of 1.2175. Even so, 23.6% Fibonacci retracement of June-August south-run, around 1.2200, and an eight-week-old descending trend-line at 1.2290 will challenge the upswing.

If at all bulls cross 1.2290 resistance, 50% Fibonacci retracement of 1.2400 will be on their radars.

Alternatively, multiple extremes marked since early-month highlight 1.2100 as a near-term key support, a break of which can fetch prices to 1.2060 and then to the monthly low of 1.2015.

Traders will also be mindful of the year 2016 low surrounding 1.1800 if prices extend downpour below 2017 bottom of 1.1987.

GBP/USD daily chart

Trend: Bearish

additional important levels

Overview
Today last price	1.215
Today Daily Change	-19 pips
Today Daily Change %	-0.16%
Today daily open	1.2169

Trends
Daily SMA20	1.2174
Daily SMA50	1.2418
Daily SMA100	1.2655
Daily SMA200	1.279

Levels
Previous Daily High	1.2182
Previous Daily Low	1.2064
Previous Weekly High	1.2176
Previous Weekly Low	1.2015
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2137
Daily Fibonacci 61.8%	1.2109
Daily Pivot Point S1	1.2094
Daily Pivot Point S2	1.202
Daily Pivot Point S3	1.1976
Daily Pivot Point R1	1.2213
Daily Pivot Point R2	1.2257
Daily Pivot Point R3	1.2332

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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