GBP/USD technical analysis: Cable easing from daily highs trading below 1.2950 level

GBP/USD is retracing down from daily highs in the New York session.
The level to beat for bulls is the 1.2933/50 resistance.

Flavio Tosti Independent Analyst

GBP/USD daily chart

In October, GBP/USD spiked above the main daily simple moving averages (DMAs) and reached levels not seen since mid-May 2019. Buyers want to break above the 1.3000 handle and the October high.

GBP/USD four-hour chart

GBP/USD is trading above the 1.2900 figure and the main SMAs on the four-hour chart, suggesting bullish momentum in the medium term. Bulls need to break the 1.2989 resistance in order to open the doors to more gains towards 1.3024 and the 1.3100 handle.

GBP/USD 30-minute chart

GBP/USD is retracing down from the current daily highs, now trading below the 1.2933/50 resistance zone. In the short term, the market might continue to decline towards 1.2909 and 1.2880 support, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2934
Today Daily Change	0.0035
Today Daily Change %	0.27
Today daily open	1.2899

Trends
Daily SMA20	1.268
Daily SMA50	1.2465
Daily SMA100	1.2436
Daily SMA200	1.2714

Levels
Previous Daily High	1.2909
Previous Daily Low	1.2845
Previous Weekly High	1.3013
Previous Weekly Low	1.2787
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2885
Daily Fibonacci 61.8%	1.2869
Daily Pivot Point S1	1.286
Daily Pivot Point S2	1.282
Daily Pivot Point S3	1.2796
Daily Pivot Point R1	1.2924
Daily Pivot Point R2	1.2949
Daily Pivot Point R3	1.2988

Author

Flavio Tosti

Independent Analyst

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