GBP/USD technical analysis: Cable clings to 4-day highs above the 1.2116 level

The market is consolidating the intraday gains near daily highs.
The market reached 4-day highs to 1.2151 as the UK Retail Sales beat expectations.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Cable is trading above the 1.2100 mark. Earlier in the London session, the UK Retail Sales data surprised to the upside at 2.9% vs. 2.3% in July (YoY). The Sterling rose sharply against the USD after the release of the data.

GBP/USD 4-hour chart

GBP/USD is trading between the 50 and 100 SMA, suggesting a consolidation in the medium term. An extension of the correction up could see the 1.2187 and 1.2212 resistances challenged, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

It is unclear if the reaction to the news was an overaction. In the short term, if the market retraces down, it could find potential support at 1.2116, 1.2082 and 1.2060, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2124
Today Daily Change	0.0064
Today Daily Change %	0.53
Today daily open	1.206

Trends
Daily SMA20	1.2246
Daily SMA50	1.2465
Daily SMA100	1.2693
Daily SMA200	1.2806

Levels
Previous Daily High	1.2102
Previous Daily Low	1.2045
Previous Weekly High	1.221
Previous Weekly Low	1.2023
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.208
Daily Fibonacci 61.8%	1.2066
Daily Pivot Point S1	1.2036
Daily Pivot Point S2	1.2012
Daily Pivot Point S3	1.198
Daily Pivot Point R1	1.2093
Daily Pivot Point R2	1.2126
Daily Pivot Point R3	1.215

Author

Flavio Tosti

Independent Analyst

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