GBP/USD technical analysis: Cable under bearish spell below the 1.2900 handle

GBP/USD is trading at weekly lows this Thursday.
The level to beat for bears is the 1.2870 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

In October, the Cable jumped to levels not seen since mid-May 2019. The Cable is trying to break to the downside from a triangle pattern.

GBP/USD four-hour chart

The market is drifting lower hitting new monthly lows this Thursday while trading below the 50 and 100 SMAs on the four-hour chart.

Sellers will likely be looking for a break below the 1.2821/1.2881 support zone which can lead to further weakness towards the 1.2730 support level, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

Sterling/Dollar is trading below its main SMAs, suggesting a bearish bias in the near term. Immediate resistance is seen at the 1.2835 and the 1.2863 levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.282
Today Daily Change	-0.0036
Today Daily Change %	-0.28
Today daily open	1.2856

Trends
Daily SMA20	1.2836
Daily SMA50	1.253
Daily SMA100	1.2451
Daily SMA200	1.2708

Levels
Previous Daily High	1.2898
Previous Daily Low	1.2843
Previous Weekly High	1.2976
Previous Weekly Low	1.2804
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2864
Daily Fibonacci 61.8%	1.2877
Daily Pivot Point S1	1.2834
Daily Pivot Point S2	1.2811
Daily Pivot Point S3	1.2779
Daily Pivot Point R1	1.2889
Daily Pivot Point R2	1.2921
Daily Pivot Point R3	1.2944

Author

Flavio Tosti

Independent Analyst

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