GBP/USD technical analysis: Cable reverses daily decline as bulls challenge the 1.2175 resistance level

GBP/USD erases its intraday losses as the market rises to 1.2175 resistance.
The levels to beat for bulls are the 1.2175 and 1.2211 levels.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Cable is trading in a bear trend below the main daily simple moving averages (SMAs). The market this Tuesday reversed its earlier losses as spot is heading towards the 1.2200 figure.

GBP/USD 4-hour chart

The Cable is challenging 1.2175 resistance while trading above the 50 and 100 SMAs. If the bulls break 1.2175 to the upside, the market could accelerate towards the 1.2211 and 1.2250 resistance levels.

GBP/USD 30-minute chart

GBP/USD had a bullish surprise this Tuesday as the market completely reversed its earlier decline. Bears might have given up suggesting that the path of least resistance is to the upside in the short term. Immediate supports are seen at 1.2154, 1.2141, 1.2122 and at the 1.2097 level, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2169
Today Daily Change	0.0042
Today Daily Change %	0.35
Today daily open	1.2127

Trends
Daily SMA20	1.2188
Daily SMA50	1.243
Daily SMA100	1.2665
Daily SMA200	1.2794

Levels
Previous Daily High	1.2173
Previous Daily Low	1.2105
Previous Weekly High	1.2176
Previous Weekly Low	1.2015
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2131
Daily Fibonacci 61.8%	1.2147
Daily Pivot Point S1	1.2097
Daily Pivot Point S2	1.2067
Daily Pivot Point S3	1.2029
Daily Pivot Point R1	1.2165
Daily Pivot Point R2	1.2203
Daily Pivot Point R3	1.2233

Author

Flavio Tosti

Independent Analyst

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