GBP/USD technical analysis: Cable drops and challenges 1.2200 as Fed cuts rates

GBP/USD drops about 60 pips as the Federal Reserve cuts rates by 25 bps.
GBP/USD is challenging 1.2200 while within its daily range.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD drops about 60 pips from the daily highs. The Federal Reserve cuts rates as expected by 25 bps.

GBP/USD 4-hour chart

GBP/USD is trading just above 1.2190 support. If the market breaks below the level, the next supports on the way down are seen at 1.2165, 1.2133 and 1.2100 according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

Cable is trading above the 50/100 SMAs, suggesting a retracement up in the short term. Resistances can be located at 1.2210 and 1.2263, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2196
Today Daily Change	0.0045
Today Daily Change %	0.37
Today daily open	1.2151

Trends
Daily SMA20	1.2463
Daily SMA50	1.2585
Daily SMA100	1.2815
Daily SMA200	1.285

Levels
Previous Daily High	1.2228
Previous Daily Low	1.2119
Previous Weekly High	1.2522
Previous Weekly Low	1.2376
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2161
Daily Fibonacci 61.8%	1.2187
Daily Pivot Point S1	1.2104
Daily Pivot Point S2	1.2057
Daily Pivot Point S3	1.1995
Daily Pivot Point R1	1.2213
Daily Pivot Point R2	1.2276
Daily Pivot Point R3	1.2323

Author

Flavio Tosti

Independent Analyst

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