GBP/USD technical analysis: The Cable is sidelined near the 1.2340 level

The Sterling is consolidating its gains for the third consecutive day.
The level to beat for bears is at 1.2313 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Pound is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). GBP/USD is consolidating its advance below the 1.2400 figure.

GBP/USD four-hour chart

GBP/USD is parked just above 1.2313 support as the market is trading above its main SMAs. Bulls need a daily close above the 1.2390 level to attract buying interest toward 1.2440 resistance levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The Pound is trading just below the main SMAs, suggesting bearish momentum in the near term. Sellers are looking for a clear break of the 1.2313 key support to reach 1.2262 and 1.2205 levels to the downside, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2328
Today Daily Change	-0.0026
Today Daily Change %	-0.21
Today daily open	1.2354

Trends
Daily SMA20	1.2202
Daily SMA50	1.229
Daily SMA100	1.2533
Daily SMA200	1.2747

Levels
Previous Daily High	1.238
Previous Daily Low	1.2306
Previous Weekly High	1.2354
Previous Weekly Low	1.1958
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2352
Daily Fibonacci 61.8%	1.2334
Daily Pivot Point S1	1.2314
Daily Pivot Point S2	1.2273
Daily Pivot Point S3	1.224
Daily Pivot Point R1	1.2388
Daily Pivot Point R2	1.2421
Daily Pivot Point R3	1.2462

Author

Flavio Tosti

Independent Analyst

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