GBP/USD technical analysis: Continues to find decent support near 1.2100 confluence region

The GBP/USD pair once again managed to find decent support ahead of the 1.2100 handle and rallied over 40-pips to refresh session tops in the last hour.
The said handle nears 200-hour SMA and the lower end of an ascending trend-channel on hourly charts, which should act as a key pivotal point for traders.

Haresh Menghani FXStreet

Given the pair's recent downfall, the mentioned channel now seemed to constitute towards the formation of a bearish continuation - flag pattern - on short-term charts, supporting prospects for a further near-term depreciating move.

A convincing breakthrough the trend-channel support will reinforce the bearish set-up and set the stage for a sharp slide back towards challenging the key 1.2000 psychological mark with some intermediate support near mid-1.2000s.

Meanwhile, technical indicators on the daily chart maintained their bearish bias and add credence to the negative outlook, albeit bullish oscillators on hourly charts warrant caution before placing any aggressive bets.

On the flip side, immediate resistance is pegged near the 1.2175-80 region and is closely followed by the 1.2200-1.2210 region – which coincides with the top end of the ascending channel and should keep a lid on any subsequent up-move.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.2148
Today Daily Change	0.0020
Today Daily Change %	0.16
Today daily open	1.2128

Trends
Daily SMA20	1.2157
Daily SMA50	1.2407
Daily SMA100	1.2645
Daily SMA200	1.2785

Levels
Previous Daily High	1.2177
Previous Daily Low	1.2112
Previous Weekly High	1.2176
Previous Weekly Low	1.2015
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2137
Daily Fibonacci 61.8%	1.2152
Daily Pivot Point S1	1.2101
Daily Pivot Point S2	1.2074
Daily Pivot Point S3	1.2036
Daily Pivot Point R1	1.2166
Daily Pivot Point R2	1.2204
Daily Pivot Point R3	1.223

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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