GBP/USD technical analysis: Cable starting the week on the back foot fading 1.2570

GBP/USD is losing steam as it is trading near daily lows.
Key support is seen at 1.2483 according to the Technical Confluences Indicator.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading in a bear trend below the main daily simple moving averages (DSMAs). The market is close to last Friday’s low.

GBP/USD 4-hour chart

GBP/USD broke below 1.2536 support potentially opening the doors for a drop to the 1.2483 level, according to the Technical Confluences Indicator. The market is currently challenging the 50 SMA near 1.2530.

GBP/USD 30-minute chart

GBP/USD is trading between the 100 and 200 SMAs suggesting a correction in the near term. Resistance is seen at 1.2536 and 1.2570, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2532
Today Daily Change	-0.0040
Today Daily Change %	-0.32
Today daily open	1.2572

Trends
Daily SMA20	1.267
Daily SMA50	1.2775
Daily SMA100	1.2939
Daily SMA200	1.2912

Levels
Previous Daily High	1.258
Previous Daily Low	1.2518
Previous Weekly High	1.258
Previous Weekly Low	1.244
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2556
Daily Fibonacci 61.8%	1.2541
Daily Pivot Point S1	1.2533
Daily Pivot Point S2	1.2494
Daily Pivot Point S3	1.247
Daily Pivot Point R1	1.2595
Daily Pivot Point R2	1.2619
Daily Pivot Point R3	1.2658

Author

Flavio Tosti

Independent Analyst

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