GBP/USD technical analysis: Cable remains bearish below 1.2900 handle

GBP/USD is erasing parts of the intraday jump.
The level to beat for bears is the 1.2835 and 1.2795 levels.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Cable, last month, had a rally to levels not seen since mid-May 2019. The market is currently correcting the advance in the 1.2800-1.3000 price zone.

GBP/USD four-hour chart

GBP/USD is correcting below the 1.2882/1.2900 resistance zone and the 50/100 SMAs. Buyers would need to overcome this area on a daily basis in order to reclaim the 1.2950 resistance, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Sterling is trading above downward sloping SMAs, suggesting a potential bullish attack in the near term. However, it seems more likely that the market continues to drift lower towards the 1.2835 and 1.2795 support levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2855
Today Daily Change	0.0072
Today Daily Change %	0.56
Today daily open	1.2783

Trends
Daily SMA20	1.2862
Daily SMA50	1.2555
Daily SMA100	1.2453
Daily SMA200	1.2705

Levels
Previous Daily High	1.2826
Previous Daily Low	1.2769
Previous Weekly High	1.2943
Previous Weekly Low	1.2769
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.279
Daily Fibonacci 61.8%	1.2804
Daily Pivot Point S1	1.276
Daily Pivot Point S2	1.2736
Daily Pivot Point S3	1.2703
Daily Pivot Point R1	1.2816
Daily Pivot Point R2	1.2849
Daily Pivot Point R3	1.2873

Author

Flavio Tosti

Independent Analyst

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