GBP/USD technical analysis: Cable easing from multi-week highs, sub-1.2470 level

The Sterling had a strong move to the upside this Friday in what could be climactic buying.
GBP/USD is correcting down. Immediate support is seen at the 1.2405 price level.

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). However, the market has been rebounding in August and September in what can be an expanding triangle formation.

GBP/USD four-hour chart

GBP/USD is trading well above its main SMAs as the market got a strong boost to the 1.2464/77 resistance zone. A break of this zone is necessary for the market to climb higher towards 1.2520 and 1.2594 resistances, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling is trading at weekly tops well above its main SMAs. If the bears consider the recent move as climactic the market is set to consolidate down towards 1.2405, 1.2355 and 1.2322, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2447
Today Daily Change	0.0113
Today Daily Change %	0.92
Today daily open	1.2334

Trends
Daily SMA20	1.2228
Daily SMA50	1.228
Daily SMA100	1.2521
Daily SMA200	1.2743

Levels
Previous Daily High	1.2368
Previous Daily Low	1.2283
Previous Weekly High	1.2354
Previous Weekly Low	1.1958
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2336
Daily Fibonacci 61.8%	1.2316
Daily Pivot Point S1	1.2289
Daily Pivot Point S2	1.2244
Daily Pivot Point S3	1.2204
Daily Pivot Point R1	1.2373
Daily Pivot Point R2	1.2413
Daily Pivot Point R3	1.2458

Author

Flavio Tosti

Independent Analyst

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