GBP/USD Technical Analysis: Cable pressuring weekly lows near 1.2820 level

The cable is turning negative for the week.
The level to beat for sellers is the 1.2820 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is rejecting the 1.2900 handle as the market is easing from the November highs. The spot is trading well above its main daily simple moving averages (DMAs).

GBP/USD four-hour chart

The market is challenging the 1.2821 support and the 200 SMA. A break below the level next week could lead to further losses towards the 1.2788 and 1.2741 price levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The market is trading below the main SMAs, suggesting a bearish bias in the near term. Resistance is seen at the 1.2870 and 1.2900 price levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2831
Today Daily Change	-0.0077
Today Daily Change %	-0.60
Today daily open	1.2908

Trends
Daily SMA20	1.288
Daily SMA50	1.2669
Daily SMA100	1.2474
Daily SMA200	1.2704

Levels
Previous Daily High	1.297
Previous Daily Low	1.2893
Previous Weekly High	1.2918
Previous Weekly Low	1.2785
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2922
Daily Fibonacci 61.8%	1.2941
Daily Pivot Point S1	1.2877
Daily Pivot Point S2	1.2846
Daily Pivot Point S3	1.2799
Daily Pivot Point R1	1.2954
Daily Pivot Point R2	1.3001
Daily Pivot Point R3	1.3032

Author

Flavio Tosti

Independent Analyst

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