GBP/USD technical analysis: Small correction up above 1.2600 on USD weakness

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD has been under extreme selling pressure in the last weeks of trading.

GBP/USD 4-hour chart

GBP/USD is trading below its main simple moving averages a suggesting bearish bias in the near term.

GBP/USD 30-minute chart

GBP/USD is trading below its main SMAs suggesting a bearish bias in the short term. As the USD is slightly weaker across the board bulls are attempting a recovery above 1.2600 figure. The trend remains down and bulls would need to initially break 1.2700 to create a meaningful recovery. With the USD slightly weaker it remains to be seen if bears can continue to drive the currency pair to new lows below 1.2600 figure this Thursday.

Additional key levels

GBP/USD

Overview
Today last price	1.2646
Today Daily Change	-0.0015
Today Daily Change %	-0.12
Today daily open	1.2661

Trends
Daily SMA20	1.2927
Daily SMA50	1.3032
Daily SMA100	1.3017
Daily SMA200	1.2957

Levels
Previous Daily High	1.2721
Previous Daily Low	1.2624
Previous Weekly High	1.3042
Previous Weekly Low	1.2711
Previous Monthly High	1.3196
Previous Monthly Low	1.2865
Daily Fibonacci 38.2%	1.2661
Daily Fibonacci 61.8%	1.2684
Daily Pivot Point S1	1.2616
Daily Pivot Point S2	1.2572
Daily Pivot Point S3	1.2519
Daily Pivot Point R1	1.2713
Daily Pivot Point R2	1.2766
Daily Pivot Point R3	1.281

Author

Flavio Tosti

Independent Analyst

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