GBP/USD technical analysis: Cable losing steam below 1.2570 resistance

GBP/USD is retreating from the 1.2570 resistance.
To the downside supports are seen at the 1.2510 and 1.2477 levels.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading in a bear trend below its main daily simple moving averages (DSMAs). The market is correcting up after Fed’s Powell dovish comments on Wednesday.

GBP/USD 4-hour chart

GBP/USD is finding resistance at 1.2570 and the 50 SMA as the market remains bearish. To the downside, supports are seen at 1.2535, 1.2510 and 1.2477 according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading above its main SMAs suggesting bullish momentum in the near term. Resistances can be seen near the 1.2570 and 1.2610 levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2537
Today Daily Change	0.0038
Today Daily Change %	0.30
Today daily open	1.2499

Trends
Daily SMA20	1.2617
Daily SMA50	1.2724
Daily SMA100	1.2915
Daily SMA200	1.2897

Levels
Previous Daily High	1.2522
Previous Daily Low	1.2444
Previous Weekly High	1.2706
Previous Weekly Low	1.2481
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2492
Daily Fibonacci 61.8%	1.2474
Daily Pivot Point S1	1.2455
Daily Pivot Point S2	1.241
Daily Pivot Point S3	1.2377
Daily Pivot Point R1	1.2533
Daily Pivot Point R2	1.2567
Daily Pivot Point R3	1.2611

Author

Flavio Tosti

Independent Analyst

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