GBP/USD technical analysis: Cable bounces from daily lows and challenges the 1.2600 handle

GBP/USD starts the week retracing part of the massive gains seen last weeks.
GBP/USD is now battling with the 1.2600 handle in the last part of the London session.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Cable, on the daily chart, is trading in a bear trend below its 200-day simple moving average (DSMA). This Monday, the market is consolidating last week's sudden spike related to Brexit deal optimism.

GBP/USD four-hour chart

GBP/USD is challenging the 1.2600 handle in the last part of the London session. If the market breaks above this level, the next resistance of interest can be the 1.2700 handle, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling is trading above the 100 and SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2543/30 zone and the 1.2477 level, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2586
Today Daily Change	-0.0062
Today Daily Change %	-0.49
Today daily open	1.2648

Trends
Daily SMA20	1.2382
Daily SMA50	1.2272
Daily SMA100	1.2413
Daily SMA200	1.2715

Levels
Previous Daily High	1.2707
Previous Daily Low	1.2408
Previous Weekly High	1.2707
Previous Weekly Low	1.2194
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2593
Daily Fibonacci 61.8%	1.2522
Daily Pivot Point S1	1.2468
Daily Pivot Point S2	1.2288
Daily Pivot Point S3	1.2168
Daily Pivot Point R1	1.2768
Daily Pivot Point R2	1.2887
Daily Pivot Point R3	1.3067

Author

Flavio Tosti

Independent Analyst

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