GBP/USD technical analysis: Cable off daily highs coiling near the 1.2116 level

GBP/USD is consolidating the intraday gains by trading off the daily high.
The market reached 4-day high to 1.2151 following the release of the better-than-expected UK Retail Sales.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Cable is trading above the 1.2100 mark. Earlier in the London session, the UK Retail Sales data surprised to the upside at 2.9% vs. 2.3% in July (YoY). The Pound rose sharply against the USD after the release of the data.

GBP/USD 4-hour chart

The Cable is consolidating between the 50 and 100 SMA. A break above 1.2135 level could lead to 1.2187 and 1.2212 resistances, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The run-up to 1.2135 resistance could be an overaction to the UK Retail Sales data. In the short term, if the market retraces down below 1.2116, it could find potential support at 1.2082 and 1.2060, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2116
Today Daily Change	0.0056
Today Daily Change %	0.46
Today daily open	1.206

Trends
Daily SMA20	1.2246
Daily SMA50	1.2465
Daily SMA100	1.2693
Daily SMA200	1.2806

Levels
Previous Daily High	1.2102
Previous Daily Low	1.2045
Previous Weekly High	1.221
Previous Weekly Low	1.2023
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.208
Daily Fibonacci 61.8%	1.2066
Daily Pivot Point S1	1.2036
Daily Pivot Point S2	1.2012
Daily Pivot Point S3	1.198
Daily Pivot Point R1	1.2093
Daily Pivot Point R2	1.2126
Daily Pivot Point R3	1.215

Author

Flavio Tosti

Independent Analyst

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