GBP/USD technical analysis: Cable off daily highs, trading below the 1.2600 handle

GBP/USD is starting the week pulling back down after the sharp spike up from last week.
GBP/USD is trading below the 1.2600 handle after the London close.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD, on the daily chart, is trading in a downtrend below the 200-day simple moving average (DSMA). This Monday, the spot has been consolidating last week's advanced sparked by the Brexit deal optimism.

GBP/USD four-hour chart

GBP/USD is retracing down and trying to establish a base above the 1.2543/30 support zone. The market likely needs a daily close above the 1.2600 level to open the gates to 1.2700, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling is trading above the 100 and 200 SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2543/30 zone and the 1.2477 level, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2569
Today Daily Change	-0.0079
Today Daily Change %	-0.62
Today daily open	1.2648

Trends
Daily SMA20	1.2382
Daily SMA50	1.2272
Daily SMA100	1.2413
Daily SMA200	1.2715

Levels
Previous Daily High	1.2707
Previous Daily Low	1.2408
Previous Weekly High	1.2707
Previous Weekly Low	1.2194
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2593
Daily Fibonacci 61.8%	1.2522
Daily Pivot Point S1	1.2468
Daily Pivot Point S2	1.2288
Daily Pivot Point S3	1.2168
Daily Pivot Point R1	1.2768
Daily Pivot Point R2	1.2887
Daily Pivot Point R3	1.3067

Author

Flavio Tosti

Independent Analyst

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