GBP/USD technical analysis: Cable erases parts of intraday losses, trading sub-1.2260 level

GBP/USD is off the August high after hitting 1.2310 on Tuesday.
The levels to beat for bears are seen at 1.2211, followed by 1.2173 support levels.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is in a bear trend below the main daily simple moving averages (SMAs). However, in the last two and a half weeks, the Cable has been reversing up after printing a 2019 low at the 1.2015 level.

GBP/USD 4-hour chart

The Cable is trading between the 200 SMA (on the 4-hour time frame) and the 1.2230 support as the market is consolidating the recent spike down. Bears could come back and drive the market below the 1.2230 support towards 1.2211, 1.2173, 1.2122 and 1.2065 levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading just below its 100/200 SMAs, suggesting bearish momentum in the near term. Strong resistance is seen at the 1.2260 level, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2235
Today Daily Change	-0.0055
Today Daily Change %	-0.45
Today daily open	1.229

Trends
Daily SMA20	1.2148
Daily SMA50	1.2381
Daily SMA100	1.2613
Daily SMA200	1.2774

Levels
Previous Daily High	1.231
Previous Daily Low	1.2209
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2271
Daily Fibonacci 61.8%	1.2248
Daily Pivot Point S1	1.2229
Daily Pivot Point S2	1.2169
Daily Pivot Point S3	1.2128
Daily Pivot Point R1	1.233
Daily Pivot Point R2	1.2371
Daily Pivot Point R3	1.2431

Author

Flavio Tosti

Independent Analyst

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