GBP/USD technical analysis: Cable challenging 1.2900 handle, drifting down in the New York session

GBP/USD is losing steam at the start of the week.
The level to beat for sellers is the 1.2906 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

In October, the Cable skyrocketed above the main daily simple moving averages (DMAs) and hit levels not seen since mid-May 2019. Bulls need a daily close above the 1.3000 figure and the October high at the 1.3013 level.

GBP/USD four-hour chart

GBP/USD is trading above the 1.2900 figure and its main SMAs on the four-hour chart, suggesting a bullish bias in the medium term. However, the market formed a double top with the October highs. For buyers, a break of the 1.2989 resistance is necessary to open the doors to gains towards the 1.3024 level and the 1.3100 handle.

GBP/USD 30-minute chart

Sterling/Dollar is trading at daily lows while challenging the 1.2906 support level. A clear break below the level can open the doors to further weakness towards the 1.2880 and 1.2850 support levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2906
Today Daily Change	-0.0030
Today Daily Change %	-0.23
Today daily open	1.2936

Trends
Daily SMA20	1.2741
Daily SMA50	1.2492
Daily SMA100	1.2442
Daily SMA200	1.2712

Levels
Previous Daily High	1.2973
Previous Daily Low	1.2926
Previous Weekly High	1.2976
Previous Weekly Low	1.2804
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2944
Daily Fibonacci 61.8%	1.2955
Daily Pivot Point S1	1.2917
Daily Pivot Point S2	1.2898
Daily Pivot Point S3	1.287
Daily Pivot Point R1	1.2964
Daily Pivot Point R2	1.2992
Daily Pivot Point R3	1.3011

Author

Flavio Tosti

Independent Analyst

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