GBP/USD technical analysis: Cable tumbles below 1.2100 handle as Brexit chaos weighs on Sterling

The Cable is starting the week on the defensive breaking below the 1.2100 handle.
The levels to beat for sellers are seen at 1.2065, followed by 1.2035 support levels.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Great British Pound is trading in a bear trend below the main daily simple moving averages (SMAs). GBP/USD is starting the week on the defensive as the threat of elections in the UK is weighing on the Sterling.

GBP/USD 4-hour chart

The Cable is trading below 1.2091/1.2104 resistance zone and the main SMAs on the 4-hour time frame. GBP/USD bears are most likely looking for a break below the 1.2065 support to potentially reach the 1.2035, 1.2010 and 1.1935 levels on the way down, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading below the main SMAs, suggesting a bearish bias in the near term. Immediate resistances are seen at the 1.2091/1.2104 levels followed by 1.2130, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2071
Today Daily Change	-0.0093
Today Daily Change %	-0.76
Today daily open	1.2164

Trends
Daily SMA20	1.2153
Daily SMA50	1.235
Daily SMA100	1.2586
Daily SMA200	1.2765

Levels
Previous Daily High	1.2226
Previous Daily Low	1.2139
Previous Weekly High	1.231
Previous Weekly Low	1.2139
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2172
Daily Fibonacci 61.8%	1.2193
Daily Pivot Point S1	1.2127
Daily Pivot Point S2	1.2089
Daily Pivot Point S3	1.2039
Daily Pivot Point R1	1.2214
Daily Pivot Point R2	1.2264
Daily Pivot Point R3	1.2302

Author

Flavio Tosti

Independent Analyst

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.