GBP/USD Technical Analysis: Bidders spinning their wheels at 1.2750 amidst descending triangle

The GBP/USD pairing is catching some bids in the pre-London session, rising over 1.2750 in early Wednesday trading, but the pair remains steeply off of recent highs, losing the 1.2800 major handle in Tuesday's trading as the Cable market remains fairly risk-off.
An intraday floor has been priced in near 1.2725 as the Cable lifts above the 200-period moving average near 1,2740.

Joshua Gibson FXStreet

GBP/USD, 5-Minute

Going back over the past two weeks, 1.2860 remains a key inflection point, and near-term bulls will be waiting for a successful break-and-retest of the congestion region before stepping up their long orders.

GBP/USD, 30-Minute

In the medium-term, the Cable is confined neatly in a descending triangle, while a fresh break into the 1.2700 level will see further downside open up as bearish bets break free of a heavy stop zone.

GBP/USD, 4-Hour

GBP/USD

Overview:
    Today Last Price: 1.2755
    Today Daily change: 21 pips
    Today Daily change %: 0.165%
    Today Daily Open: 1.2734
Trends:
    Previous Daily SMA20: 1.2906
    Previous Daily SMA50: 1.2992
    Previous Daily SMA100: 1.299
    Previous Daily SMA200: 1.3335
Levels:
    Previous Daily High: 1.2836
    Previous Daily Low: 1.2725
    Previous Weekly High: 1.2928
    Previous Weekly Low: 1.2764
    Previous Monthly High: 1.326
    Previous Monthly Low: 1.2696
    Previous Daily Fibonacci 38.2%: 1.2767
    Previous Daily Fibonacci 61.8%: 1.2793
    Previous Daily Pivot Point S1: 1.2694
    Previous Daily Pivot Point S2: 1.2654
    Previous Daily Pivot Point S3: 1.2584
    Previous Daily Pivot Point R1: 1.2805
    Previous Daily Pivot Point R2: 1.2875
    Previous Daily Pivot Point R3: 1.2915

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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