GBP/USD technical analysis: Cable pairing intraday losses below 1.2700 ahead of FOMC Minutes

The FOMC Minutes will be released at 18:00 GMT this Wednesday. No fireworks are expected according to analysts, however, volatility can always be around the corner on such news events.
GBP/USD is erasing its intraday losses however buyers would need to bring the currency pair above 1.2800 to create any meaningful recovery.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD has been under strong selling pressure in the last weeks.

GBP/USD 4-hour chart

GBP/USD is trading below its main simple moving averages suggesting bearish momentum in the near term.

GBP/USD 30-minute chart

GBP/USD is trading below its main SMAs suggesting a bearish bias in the short term. If sellers overcome the 1.2625 support they could continue the downtrend towards 1.2550 and 1.2500 the figure. On the flip side, if the market breaks the 1.2700 figure a move up towards 1.2750 can be on the cards. Further up, resistances are seen at 1.2800 and 1.2875 levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2677
Today Daily Change	-0.0029
Today Daily Change %	-0.23
Today daily open	1.2706

Trends
Daily SMA20	1.2939
Daily SMA50	1.3046
Daily SMA100	1.3016
Daily SMA200	1.2958

Levels
Previous Daily High	1.2815
Previous Daily Low	1.2685
Previous Weekly High	1.3042
Previous Weekly Low	1.2711
Previous Monthly High	1.3196
Previous Monthly Low	1.2865
Daily Fibonacci 38.2%	1.2735
Daily Fibonacci 61.8%	1.2765
Daily Pivot Point S1	1.2656
Daily Pivot Point S2	1.2605
Daily Pivot Point S3	1.2526
Daily Pivot Point R1	1.2786
Daily Pivot Point R2	1.2865
Daily Pivot Point R3	1.2916

Author

Flavio Tosti

Independent Analyst

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