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.

EUR/USD stays depressed near 1.1850 ahead of German ZEW

EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined ahead of the German ZEW sentiment survey.

GBP/USD drops below 1.3600 after weak UK jobs report

GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.

Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand

Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.