GBP/USD Technical Analysis: Cable erases daily gains, trades near 1.2900 handle

The cable is easing from weekly highs trading near the 1.2900 figure.
The level to beat for bears is the 1.2900 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading near the 1.2900 handle as the market is consolidating the massive October’s rally. The market is maintaining a bullish bias while evolving above the main daily simple moving averages (DMAs).

GBP/USD four-hour chart

The market is trading near the 1.2900 handle while above the main SMAs. If sellers break bellow the 1.2900 level, the market could depreciate towards the 1.2870 and 1.2820 levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

Sterling is trading below the 50 SMAs, suggesting a correction down in the short term. Resistance is expected near the 1.2917 and 1.2965 levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2907
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.2906

Trends
Daily SMA20	1.2883
Daily SMA50	1.2701
Daily SMA100	1.2489
Daily SMA200	1.2702

Levels
Previous Daily High	1.2916
Previous Daily Low	1.2827
Previous Weekly High	1.2986
Previous Weekly Low	1.2821
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2882
Daily Fibonacci 61.8%	1.2861
Daily Pivot Point S1	1.285
Daily Pivot Point S2	1.2794
Daily Pivot Point S3	1.2761
Daily Pivot Point R1	1.2939
Daily Pivot Point R2	1.2972
Daily Pivot Point R3	1.3028

Author

Flavio Tosti

Independent Analyst

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