GBP/USD technical analysis: Head and shoulder pattern is driving the Cable sharply below 1.3000 figure

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading down sharply as bears break the 1.3000 figure.
GBP/USD is trading just near its 200 SMA at 1.2958 level.

GBP/USD 4-hour chart

Cable formed a head and shoulder pattern sending the currency pair below the 1.3000 figure.

GBP/USD 30-minute chart

The picture worsened considerably as the market is approaching 1.2940 support. A breach below that level can see the 1.2900 figure on the cards for bears.
Resistance is seen at 1.2990 and 1.3020/50 levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2955
Today Daily Change	-0.0045
Today Daily Change %	-0.35
Today daily open	1.3

Trends
Daily SMA20	1.301
Daily SMA50	1.309
Daily SMA100	1.3008
Daily SMA200	1.2959

Levels
Previous Daily High	1.3048
Previous Daily Low	1.2991
Previous Weekly High	1.3171
Previous Weekly Low	1.2967
Previous Monthly High	1.3196
Previous Monthly Low	1.2865
Daily Fibonacci 38.2%	1.3013
Daily Fibonacci 61.8%	1.3027
Daily Pivot Point S1	1.2978
Daily Pivot Point S2	1.2956
Daily Pivot Point S3	1.292
Daily Pivot Point R1	1.3035
Daily Pivot Point R2	1.3071
Daily Pivot Point R3	1.3093

Author

Flavio Tosti

Independent Analyst

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