GBP/USD technical analysis: Cable battling with the 1.2200 level near daily lows

GBP/USD is trading off the August high after hitting the 1.2310 level on Tuesday.
The levels to beat for bears are seen at 1.2179, followed by 1.2156 support levels.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Sterling is in a bear trend below its main daily simple moving averages (SMAs). The market is down for the second day in a row.

GBP/USD 4-hour chart

The Cable is trading below 1.2214 resistance and the 50/200 SMAs on the 4-hour time frame. Bears are most likely looking for a breakdown below 1.2179 support as well as the 1.2156, 1.2125 and 1.2065 levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading below the main SMAs, suggesting a bearish bias in the near term. Immediate resistances are seen at the 1.2194, 1.2214 and 1.2245 levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2188
Today Daily Change	-0.0024
Today Daily Change %	-0.20
Today daily open	1.2212

Trends
Daily SMA20	1.2151
Daily SMA50	1.2372
Daily SMA100	1.2604
Daily SMA200	1.2772

Levels
Previous Daily High	1.2293
Previous Daily Low	1.2156
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2208
Daily Fibonacci 61.8%	1.2241
Daily Pivot Point S1	1.2148
Daily Pivot Point S2	1.2083
Daily Pivot Point S3	1.201
Daily Pivot Point R1	1.2285
Daily Pivot Point R2	1.2358
Daily Pivot Point R3	1.2422

Author

Flavio Tosti

Independent Analyst

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