GBP/USD technical analysis: Cable sidelined near 1.2340 price level

The Sterling rebounded from 2-weeks lows.
The market is trapped in a tight range near the 1.2340 level.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Sterling is trading in a downtrend below its 100 and 200-day simple moving averages (DSMAs). GBP/USD is virtually unchanged as the market enters the second part of the New York session.

GBP/USD four-hour chart

GBP/USD is consolidating above the 1.2320 support while contained below the 1.2360 resistance and the 50 SMA. A break below 1.2320/1.2280 support zone can open the gates to the 1.2200 figure according to the Technical Confluences Indicator.

GBP/USD 30-minute

The Pound/US Dollar exchange rate is seesawing below the 1.2360 level and the 50 SMA on the 30-minute chart. In the absence of a breakdown below 1.2320, the market could probe the 1.2360/80 resistance zone. If broken the next level is seen at 1.2415 on the way up.

Additional key levels

GBP/USD

Overview
Today last price	1.2348
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	1.235

Trends
Daily SMA20	1.2345
Daily SMA50	1.2275
Daily SMA100	1.247
Daily SMA200	1.2736

Levels
Previous Daily High	1.25
Previous Daily Low	1.2346
Previous Weekly High	1.2583
Previous Weekly Low	1.2393
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2405
Daily Fibonacci 61.8%	1.2441
Daily Pivot Point S1	1.2298
Daily Pivot Point S2	1.2245
Daily Pivot Point S3	1.2144
Daily Pivot Point R1	1.2452
Daily Pivot Point R2	1.2553
Daily Pivot Point R3	1.2606

Author

Flavio Tosti

Independent Analyst

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