GBP/USD technical analysis: Cable easing from daily highs near 1.2350 level

The Sterling has been on a rollercoaster this Thursday as the marked dipped below 1.2300 and corrected up to 1.2360.
The market is neutral to bearish trading within its weekly range.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Pound is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). GBP/USD is in consolidation mode below the 1.2400 handle.

GBP/USD four-hour chart

GBP/USD had a sharp recovery to the 1.2360 level. Bulls are looking for a break above this level and more importantly a daily close above 1.2400 resistance which can open the doors to a run-up to the 1.2460 resistance, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling is trading within its weekly range, suggesting neutral momentum in the short term. Bears would need a break below 1.2317 to open the doors for a run to 1.2240, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2346
Today Daily Change	0.0016
Today Daily Change %	0.13
Today daily open	1.233

Trends
Daily SMA20	1.2215
Daily SMA50	1.2285
Daily SMA100	1.2527
Daily SMA200	1.2745

Levels
Previous Daily High	1.2372
Previous Daily Low	1.2312
Previous Weekly High	1.2354
Previous Weekly Low	1.1958
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2335
Daily Fibonacci 61.8%	1.2349
Daily Pivot Point S1	1.2304
Daily Pivot Point S2	1.2278
Daily Pivot Point S3	1.2244
Daily Pivot Point R1	1.2364
Daily Pivot Point R2	1.2398
Daily Pivot Point R3	1.2424

Author

Flavio Tosti

Independent Analyst

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