GBP/USD technical analysis: Cable trading at daily lows correcting Fed’s Williams inspired gains

GBP/USD is correcting parts of Fed's Willams inspired gains made on Thursday.
The level to beat for bears are at 1.2509 and 1.2444, according to the Technical Confluences Indicator.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is currently correcting Fed’s Williams spike. The market is in a bear trend below its main daily simple moving averages (DSMAs).

GBP/USD 4-hour chart

Cable is trading below 1.2550 resistance and the 100 and 200 SMAs. If bears break below 1.2509 support they could drive the market down towards 1.2444 and 1.2392, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading at daily lows challenging 1.2509 support while below the 50 SMA. All in all suggesting a potential correction down. Immediate resistances are seen at 1.2550 and 1.2580.

Additional key levels

GBP/USD

Overview
Today last price	1.2515
Today Daily Change	-0.0033
Today Daily Change %	-0.26
Today daily open	1.2548

Trends
Daily SMA20	1.2581
Daily SMA50	1.2656
Daily SMA100	1.2875
Daily SMA200	1.2878

Levels
Previous Daily High	1.2559
Previous Daily Low	1.2424
Previous Weekly High	1.258
Previous Weekly Low	1.244
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2507
Daily Fibonacci 61.8%	1.2476
Daily Pivot Point S1	1.2462
Daily Pivot Point S2	1.2375
Daily Pivot Point S3	1.2327
Daily Pivot Point R1	1.2597
Daily Pivot Point R2	1.2645
Daily Pivot Point R3	1.2732

Author

Flavio Tosti

Independent Analyst

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