GBP/USD technical analysis: Cable off daily lows trading sub-1.2478 in the New York session

GBP/USD starts the week by weakening below the 1.2500 figure.
The level to beat for bears are at 1.2433 and 1.2388, according to the Technical Confluences Indicator.

Flavio Tosti Independent Analyst

GBP/USD daily chart

Cable is trading in a bear trend below its main daily simple moving averages (DSMAs). The US Dollar is stronger accross the board as the market is antcipating smaller rate cuts.

GBP/USD 4-hour chart

Cable is trading below the 1.2478 resistance and the main SMAs. If bears break below the current daily low at 1.2455 they could drive the market down towards 1.2433 and 1.2388, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is off the daily lows challenging the 200 SMA. The 50 SMA crossed below the 100 SMA wich can be considered bearish. Immediate resistances are seen at 1.2478 and 1.2543.

Additional key levels

GBP/USD

Overview
Today last price	1.2475
Today Daily Change	-0.0028
Today Daily Change %	-0.22
Today daily open	1.2503

Trends
Daily SMA20	1.2569
Daily SMA50	1.2646
Daily SMA100	1.2868
Daily SMA200	1.2875

Levels
Previous Daily High	1.2557
Previous Daily Low	1.2476
Previous Weekly High	1.2579
Previous Weekly Low	1.2382
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2507
Daily Fibonacci 61.8%	1.2526
Daily Pivot Point S1	1.2467
Daily Pivot Point S2	1.2431
Daily Pivot Point S3	1.2387
Daily Pivot Point R1	1.2548
Daily Pivot Point R2	1.2593
Daily Pivot Point R3	1.2629

Author

Flavio Tosti

Independent Analyst

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