GBP/USD Technical Analysis: Cable challenging daily lows near 1.2910 level

GBP/USD is trading at its lowest since the week started.
The level to beat for bears is the 1.2910 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The pound is currently correcting last month’s rally in the 1.2800-1.3000 price zone. GBP/USD, in October, hit levels not seen since mid-May 2019. It is now easing from the November highs.

GBP/USD four-hour chart

GBP/USD is easing from the monthly highs while nearing the 1.2910 support level. A break below it could lead to further losses towards the 1.2890 and 1.2870 levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The spot is trading at daily lows below its main SMAs, suggesting a bearish bias in the near term. Resistances are seen at the 1.2940, 1.2957 and 1.2985 price levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2912
Today Daily Change	-0.0037
Today Daily Change %	-0.29
Today daily open	1.2949

Trends
Daily SMA20	1.2874
Daily SMA50	1.2634
Daily SMA100	1.2464
Daily SMA200	1.2703

Levels
Previous Daily High	1.2986
Previous Daily Low	1.2908
Previous Weekly High	1.2918
Previous Weekly Low	1.2785
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2956
Daily Fibonacci 61.8%	1.2938
Daily Pivot Point S1	1.2909
Daily Pivot Point S2	1.2869
Daily Pivot Point S3	1.283
Daily Pivot Point R1	1.2988
Daily Pivot Point R2	1.3026
Daily Pivot Point R3	1.3066

Author

Flavio Tosti

Independent Analyst

EUR/USD remains below 1.1850 after US data

EUR/USD struggles to gain traction and trades in a narrow range below 1.1850 on Wednesday. The US Dollar stays resilient against its rivals following the better-than-expected Durable Goods Orders and housing data, limiting the pair's upside ahead of FOMC Minutes.

GBP/USD stays in narrow channel above 1.3550 ahead of FOMC Minutes

GBP/USD holds its ground following Tuesday's slide and moves sideways above 1.3550 midweek. Although the data from the UK confirmed that inflation cooled in January, the positive shift seen in market mood helps the pair keep its footing as investors wait for the Fed to publish the minnutes of the January policy meeting.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.