GBP/USD technical analysis: Cable hits a new 2019 low at 1.2376 as the week comes to an end

GBP/USD hit a new 2019 low following the release of the better-than-expected US GDP data.
The levels to beat for bears are seen at 1.2388 and 1.2340, according to the Technical Confluences Indicator.

Flavio Tosti Independent Analyst

GBP/USD daily chart

Cable hit a new 2019 low while trading below the main daily simple moving averages (DSMAs). Earlier in the New York session, the US Gross Domestic Product (GDP) Annualized Q2 came in above expectations at 2.1% vs. 1.8% forecasts.

GBP/USD 4-hour chart

GBP/USD is challenging the 1.2388 support near the 2019 low. Bears want to reach 1.2340 and 1.2300 on the way down. Resistances are seen near 1.2435 and 1.2480, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2386
Today Daily Change	-0.0069
Today Daily Change %	-0.55
Today daily open	1.2455

Trends
Daily SMA20	1.2522
Daily SMA50	1.2613
Daily SMA100	1.284
Daily SMA200	1.2862

Levels
Previous Daily High	1.2518
Previous Daily Low	1.2437
Previous Weekly High	1.2579
Previous Weekly Low	1.2382
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2468
Daily Fibonacci 61.8%	1.2487
Daily Pivot Point S1	1.2422
Daily Pivot Point S2	1.2389
Daily Pivot Point S3	1.234
Daily Pivot Point R1	1.2503
Daily Pivot Point R2	1.2552
Daily Pivot Point R3	1.2585

Author

Flavio Tosti

Independent Analyst

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