GBP/USD technical analysis: Cable clings to intraday gains near 1.2350 price level

In the New York session, the Sterling is consolidating its intraday gains.
Robust UK manufacturing and industrial data, as well as Brexit optimism bolstered the mood on the GBP.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). The market is attempting to create a double bottom as the Sterling is trading above the 1.2300 figure and the 50 SMA. Earlier in the London session, the Pound got boosted on better-than-expected UK manufacturing and industrial data as well as Brexit optimism.

GBP/USD four-hour chart

GBP/USD is consolidating the intraday gains above last week’s high as the market is trading above its main SMAs. Bulls' objective is to climb above 1.2389. If the resistance is broken the next pit-stops on the way up can be 1.2441 and 1.2467 price levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Pound is trading above the main SMAs, suggesting bullish momentum in the near term. Bears need to reclaim the 1.2351/1.2312 support zone to create a more meaningful retracement towards 1.2245 support, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2355
Today Daily Change	0.0071
Today Daily Change %	0.58
Today daily open	1.2284

Trends
Daily SMA20	1.2173
Daily SMA50	1.2301
Daily SMA100	1.2545
Daily SMA200	1.2751

Levels
Previous Daily High	1.2346
Previous Daily Low	1.2279
Previous Weekly High	1.2354
Previous Weekly Low	1.1958
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2305
Daily Fibonacci 61.8%	1.2321
Daily Pivot Point S1	1.226
Daily Pivot Point S2	1.2236
Daily Pivot Point S3	1.2193
Daily Pivot Point R1	1.2328
Daily Pivot Point R2	1.2371
Daily Pivot Point R3	1.2395

Author

Flavio Tosti

Independent Analyst

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