GBP/USD technical analysis: Cable enters the Asian session below the 1.2300 handle

GBP/USD ends Monday near its daily lows below the 1.2300 handle.
The level to beat for sellers is the 1.2275 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

On the daily chart, the Pound is trading in a bear trend below its 100 and 200-day simple moving averages (DSMAs). The market remains trapped between the 50 SMA at 1.2254 and the 1.2400 figure as the European Union rejected the latest UK PM’s Johnson proposal.

GBP/USD four-hour chart

GBP/USD is trading below its main SMAs on the four-hour chart, suggesting bearish momentum in the medium term. The spot needs a breakdown below the 1.2305/1.2275 support zone to drive the market towards 1.2224 support level, according to the Technical Confluences Indicator.

GBP/USD 30-minute

The Sterling is trading within familiar ranges and below its main SMAs, suggesting bearish momentum in the short term. Immediate resistances are seen at 1.2305, 1.2326 and the 1.2340/60 price levels. Further up lie 1.2412 resistance, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2292
Today Daily Change	-0.0042
Today Daily Change %	-0.34
Today daily open	1.2334

Trends
Daily SMA20	1.2385
Daily SMA50	1.2252
Daily SMA100	1.2429
Daily SMA200	1.2723

Levels
Previous Daily High	1.2357
Previous Daily Low	1.2276
Previous Weekly High	1.2414
Previous Weekly Low	1.2205
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2326
Daily Fibonacci 61.8%	1.2307
Daily Pivot Point S1	1.2288
Daily Pivot Point S2	1.2241
Daily Pivot Point S3	1.2207
Daily Pivot Point R1	1.2369
Daily Pivot Point R2	1.2403
Daily Pivot Point R3	1.245

Author

Flavio Tosti

Independent Analyst

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