GBP/USD technical analysis: Hits fresh session low, bears eye a sustained break below 1.2100 handle


  • The GBP/USD pair once again struggled to make it through the 1.2170-75 horizontal resistance and quickly retreated around 50-pips in the last hour, refreshing session lows.
  • Despite the pullback, the pair has managed to hold above the 1.2100 handle - coinciding with 200-hour SMA - which should now act as a key pivotal point for intraday traders.

Meanwhile, technical indicators on the daily chart maintained their bearish bias and have again started gaining negative traction on the 1-hourly chart, supporting prospects for the resumption of the pair’s well-established bearish trend.
 
However, bullish oscillators on the 4-hourly chart warrant some caution for aggressive traders and make it prudent to wait for a convincing break through the mentioned handle before positioning for any further near-term depreciating move.
 
Below the said support, the pair might turn vulnerable to accelerate the slide back towards the 1.2060-50 intermediate support before eventually breaking below the key 1.20 psychological mark to test its next support near the 1.1980 region.
 
On the flip side, the 1.2170-75 region might continue to act as an immediate barrier and is closely followed by the 1.2200 round figure mark, which if cleared might negate the negative outlook and set the stage for a near-term short-covering bounce.

GBP/USD 1-hourly chart

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GBP/USD

Overview
Today last price 1.2126
Today Daily Change -0.0021
Today Daily Change % -0.17
Today daily open 1.2147
 
Trends
Daily SMA20 1.2205
Daily SMA50 1.2441
Daily SMA100 1.2675
Daily SMA200 1.2797
Levels
Previous Daily High 1.2176
Previous Daily Low 1.2077
Previous Weekly High 1.2176
Previous Weekly Low 1.2015
Previous Monthly High 1.2706
Previous Monthly Low 1.2119
Daily Fibonacci 38.2% 1.2138
Daily Fibonacci 61.8% 1.2115
Daily Pivot Point S1 1.2091
Daily Pivot Point S2 1.2035
Daily Pivot Point S3 1.1992
Daily Pivot Point R1 1.219
Daily Pivot Point R2 1.2232
Daily Pivot Point R3 1.2288

 

 

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