GBP/USD technical analysis: Cable erases Thursday’s spike, trading sub-1.2500 handle

The Sterling is dropping sharply in the New York session.
The level to beat for sellers is the 1.2460 support level.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Sterling is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, GBP/USD has been on the rise in Septembre. It has been battling with the 1.2500 handle in the last week.

GBP/USD four-hour chart

GBP/USD is trading above the main SMAs, suggesting bullish momentum in the medium term. The market is challenging the 1.2460 support as bears took the helm this Friday. If the market loses the 1.2460 level, GBP/USD can correct down towards 1.2405 and 1.2340 price levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling is challenging the 200 SMA. Immediate resistance is the 1.2478 level followed by 1.2510 and the 1.2535 price level, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2476
Today Daily Change	-0.0046
Today Daily Change %	-0.37
Today daily open	1.2522

Trends
Daily SMA20	1.2308
Daily SMA50	1.2278
Daily SMA100	1.2496
Daily SMA200	1.2739

Levels
Previous Daily High	1.2561
Previous Daily Low	1.2438
Previous Weekly High	1.2508
Previous Weekly Low	1.2234
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2514
Daily Fibonacci 61.8%	1.2485
Daily Pivot Point S1	1.2453
Daily Pivot Point S2	1.2384
Daily Pivot Point S3	1.2331
Daily Pivot Point R1	1.2576
Daily Pivot Point R2	1.2629
Daily Pivot Point R3	1.2698

Author

Flavio Tosti

Independent Analyst

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