GBP/USD technical analysis: Cable keeps pressuring the 1.2200 support after the FOMC Minutes

FOMC minutes: Most fed policymakers believed 25 basis point cut needed.
The level to beat for sellers is the 1.2200 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

On the daily chart, the Cable is trading in a downtrend below its main daily simple moving averages (DSMAs). The FOMC didn’t provide any surprise as Chief’s Powell reiterated well-known facts: “risks come from abroad, chances of a recession are limited, the economy overall is healthy.”

GBP/USD four-hour chart

GBP/USD is trading into the 1.2200/1.2226 support zone. A break below 1.2200 would expose the 1.2130 support on the way down, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Pound is trading below its main SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 1.2255 and 1.2280 price levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2209
Today Daily Change	-0.0010
Today Daily Change %	-0.08
Today daily open	1.2219

Trends
Daily SMA20	1.2376
Daily SMA50	1.2255
Daily SMA100	1.242
Daily SMA200	1.2718

Levels
Previous Daily High	1.2303
Previous Daily Low	1.2194
Previous Weekly High	1.2414
Previous Weekly Low	1.2205
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2236
Daily Fibonacci 61.8%	1.2261
Daily Pivot Point S1	1.2174
Daily Pivot Point S2	1.213
Daily Pivot Point S3	1.2065
Daily Pivot Point R1	1.2283
Daily Pivot Point R2	1.2347
Daily Pivot Point R3	1.2392

Author

Flavio Tosti

Independent Analyst

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