GBP/USD Technical Analysis: Slow lift from 1.2500 sees bears positioned for further downside

GBP/USD remains trapped just above 1.2570, and a cautious recovery from Monday's bottom at the 1.2500 handle sees the Cable mixing with the 200-period moving average, implying the pair has lost momentum for the time being.

Joshua Gibson FXStreet

GBP/USD, 5-Minute

This week's decline sees the Cable knocking down into a new support/resistance zone, and the 1.2700 key barrier that provided support in the near-term will now be a ceiling for any bullish pushes.

GBP/USD, 30-Minute

The Cable has accelerated losses that were clearly telegraphed on the 4-hour candlesticks, and now the concern will be a bullish correction caused by profit-taking that could set up a re-test of key resistance at 1.2700 for a reload on short positions.

GBP/USD, 4-Hour

GBP/USD

Overview:
    Today Last Price: 1.257
    Today Daily change: 11 pips
    Today Daily change %: 0.0876%
    Today Daily Open: 1.2559
Trends:
    Previous Daily SMA20: 1.2792
    Previous Daily SMA50: 1.2922
    Previous Daily SMA100: 1.2953
    Previous Daily SMA200: 1.3281
Levels:
    Previous Daily High: 1.276
    Previous Daily Low: 1.2507
    Previous Weekly High: 1.284
    Previous Weekly Low: 1.2659
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2604
    Previous Daily Fibonacci 61.8%: 1.2663
    Previous Daily Pivot Point S1: 1.2457
    Previous Daily Pivot Point S2: 1.2355
    Previous Daily Pivot Point S3: 1.2204
    Previous Daily Pivot Point R1: 1.2711
    Previous Daily Pivot Point R2: 1.2862
    Previous Daily Pivot Point R3: 1.2964

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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