GBP/USD technical analysis: Indecisive near key support

Back-to-back Doji candles on GBP/USD's daily chart indicate indecision.
A bullish Doji reversal needs a daily close above 1.2339.

Omkar Godbole FXStreet Contributor

The GBP/USD pair defended the widely followed 50-day moving average on Tuesday and Wednesday with Doji candles.

A Doji represents indecision in the market place. In GBP/USD's case, the Doji candles have appeared following a sell-off from recent highs near 1.2580 and at the 50-day MA support and represent seller exhaustion.

That said, a bullish Doji reversal would be confirmed if the pair finds acceptance above 1.2339 – the high of Oct. 1's Doji candle.

On the downside, a close below the 50-day MA, currently at 1.2249, would imply a continuation of the sell-off from the recent high of 1.2582 and open the doors for 1.21.

As of writing, the pair is trading just below 1.23, representing little change on the day.

Daily chart

Trend: Neutral

Technical levels

GBP/USD

Overview
Today last price	1.2298
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2298

Trends
Daily SMA20	1.2383
Daily SMA50	1.2256
Daily SMA100	1.2438
Daily SMA200	1.2726

Levels
Previous Daily High	1.2325
Previous Daily Low	1.2227
Previous Weekly High	1.2504
Previous Weekly Low	1.2271
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2264
Daily Fibonacci 61.8%	1.2287
Daily Pivot Point S1	1.2242
Daily Pivot Point S2	1.2185
Daily Pivot Point S3	1.2144
Daily Pivot Point R1	1.234
Daily Pivot Point R2	1.2381
Daily Pivot Point R3	1.2437

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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