GBP/USD technical analysis: Cable flirting with weekly lows amid USD strength, sub-1.2180 level

After challenging the 1.2214 resistance, the Cable is hovering near weekly lows.
The levels to beat for sellers are seen at 1.2156, followed by 1.2125 support levels.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Sterling is trading in a bear trend below the main daily simple moving averages (SMAs). The market is on the defensive for the third day in a row as GBP/USD is trading below the 1.2300 figure.

GBP/USD 4-hour chart

The Cable is trading below 1.2180 resistance and the 50/200 SMAs on the 4-hour time frame. GBP/USD bears are most likely looking for a break below the 1.2156 support and1.2125 level to potentially reach the 1.2065 level on the way down, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading below the main SMAs, suggesting a bearish bias in the near term. Immediate resistances are seen at the 1.2180, 1.2194, 1.2214 and 1.2245 levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2171
Today Daily Change	-0.0011
Today Daily Change %	-0.09
Today daily open	1.2182

Trends
Daily SMA20	1.2153
Daily SMA50	1.2362
Daily SMA100	1.2595
Daily SMA200	1.2768

Levels
Previous Daily High	1.2233
Previous Daily Low	1.2172
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2195
Daily Fibonacci 61.8%	1.221
Daily Pivot Point S1	1.2158
Daily Pivot Point S2	1.2135
Daily Pivot Point S3	1.2097
Daily Pivot Point R1	1.2219
Daily Pivot Point R2	1.2257
Daily Pivot Point R3	1.228

Author

Flavio Tosti

Independent Analyst

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