GBP/USD technical analysis: Cable is on the back foot nearing daily lows below the 1.2211 level

08/29/2019 13:59:08 GMT|ByFlavio Tosti

GBP/USD is off the August highs after reaching the 1.2310 level on Tuesday.
The levels to beat for bears are seen at 1.2173, followed by 1.2122 support levels.

GBP/USD daily chart

The Great British Pound is in a bear trend below the main daily simple moving averages (SMAs). However, in the last two and a half weeks, the market has been reversing up after printing a 2019 low at the 1.2015 level.

GBP/USD 4-hour chart

The Cable is trading below 1.2211 resistance and the 50/200 SMAs on the 4-hour time frame. Bears are most likely looking for a breakdown below 1.2211 support and the 1.2173, 1.2122 and 1.2065 levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading below its main SMAs, suggesting a bearish bias in the near term. Immediate resistance is seen at the 1.2211 and 1.2230 levels, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2195
Today Daily Change	-0.0017
Today Daily Change %	-0.14
Today daily open	1.2212

Trends
Daily SMA20	1.2151
Daily SMA50	1.2372
Daily SMA100	1.2604
Daily SMA200	1.2772

Levels
Previous Daily High	1.2293
Previous Daily Low	1.2156
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2208
Daily Fibonacci 61.8%	1.2241
Daily Pivot Point S1	1.2148
Daily Pivot Point S2	1.2083
Daily Pivot Point S3	1.201
Daily Pivot Point R1	1.2285
Daily Pivot Point R2	1.2358
Daily Pivot Point R3	1.2422

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