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GBP/USD technical analysis: Cable running out of steam below the 1.2500 handle

GBP is among the worst performers this Monday.
The level to beat for sellers is the 1.2417 support level.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Sterling is trading is in a downtrend below the 100 and 200-day simple moving averages (SMAs). The market is currently rejecting the 1.2500 handle and the 100 SMA.

GBP/USD four-hour chart

GBP/USD is stabilizing above the 1.2417 support while trading below the 50 SMA. A downside break of 1.2417 can expose 1.2340 and 1.2317 price levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Pound is trading below its main SMAs, suggesting a bearish momentum in the near term. Immediate resistance can be at 1.2560/1.2465 zone followed by 1.2510 price level, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.243
Today Daily Change	-0.0040
Today Daily Change %	-0.32
Today daily open	1.247

Trends
Daily SMA20	1.2317
Daily SMA50	1.2276
Daily SMA100	1.2489
Daily SMA200	1.2738

Levels
Previous Daily High	1.2583
Previous Daily Low	1.2459
Previous Weekly High	1.2583
Previous Weekly Low	1.2393
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2506
Daily Fibonacci 61.8%	1.2535
Daily Pivot Point S1	1.2425
Daily Pivot Point S2	1.238
Daily Pivot Point S3	1.2302
Daily Pivot Point R1	1.2549
Daily Pivot Point R2	1.2628
Daily Pivot Point R3	1.2673

Author

Flavio Tosti

Independent Analyst

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GBP/USD technical analysis: Cable running out of steam below the 1.2500 handle