GBP/USD Price Analysis: Extends its downside above the 1.2100 mark amid the risk-off mood

GBP/USD loses traction around 1.2123 amid a rise in US Treasury yields.
The pair holds below the 50- and 100-hour EMAs; RSI is located in bearish territory below 50.
The first support level is seen at 1.2052; 1.2190 acts as an immediate resistance level.

Lallalit Srijandorn FXStreet

GBP/USD remains under selling pressure below the mid-1.2100s during the early European session on Thursday. A rise in the US Treasury bond yields and the escalating geopolitical tension between Israel and Hamas boost the US Dollar (USD) demand and exert some selling pressure on the GBP/USD pair. The major currently trades near 1.2123, losing 0.14% on the day.

From the technical perspective, GBP/USD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the four-hour chart, which means further downside looks favorable. Furthermore, the Relative Strength Index (RSI) holds below 50 in the bearish territory, which supports the sellers for the time being.

Any decisive follow-through selling below the lower limit of the Bollinger Band of 1.2120 will see a drop to 1.2052 (low of October 3), en route to a low of October 4 of 1.2037. The next contention level will emerge at a psychological round mark at 1.2000, and finally at 1.1965 (a low of February 16).

On the upside, 1.2190 acts as an immediate resistance level for GBP/USD. The key barrier is located at 1.2217, portraying the confluence of the 100-hour EMA and a high of October 16. Further north, the upper boundary of the Bollinger Band at 1.2230 will be the next stop. The additional upside filter to watch is near a high of October 10 at 1.2295.

GBP/USD four-hour chart

GBP/USD

Overview
Today last price	1.2125
Today Daily Change	-0.0015
Today Daily Change %	-0.12
Today daily open	1.214

Trends
Daily SMA20	1.2193
Daily SMA50	1.243
Daily SMA100	1.2593
Daily SMA200	1.2444

Levels
Previous Daily High	1.2211
Previous Daily Low	1.2137
Previous Weekly High	1.2337
Previous Weekly Low	1.2123
Previous Monthly High	1.2713
Previous Monthly Low	1.2111
Daily Fibonacci 38.2%	1.2166
Daily Fibonacci 61.8%	1.2183
Daily Pivot Point S1	1.2115
Daily Pivot Point S2	1.2089
Daily Pivot Point S3	1.2041
Daily Pivot Point R1	1.2189
Daily Pivot Point R2	1.2237
Daily Pivot Point R3	1.2263

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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