GBP/USD Price Analysis: Wavers below 1.2500 as bearish harami looms

GBP/USD remains steady, slightly down by 0.05% following mixed US PMI data from S&P Global and ISM.
The two-candle chart pattern, the bearish harami suggests further downside is seen.
Key support levels lie at the April 29 low of 1.2474 could lead to retesting the yearly low at 1.2299.

Christian Borjon Valencia FXStreet

The Pound Sterling is virtually unchanged against the US Dollar following the release of mixed Purchasing Managers Index (PMI) data from S&P Global and the Institute for Supply Management (ISM). The data showed that the economy is slowing down, amid higher interest rates set by the Federal Reserve. The GBP/USD seesaws around 1.2486, down 0.05%.

GBP/USD Price Analysis: Technical outlook

The GBP/USD remains downward biased despite registering an upward impulse that lifted the exchange rate from yearly lows of 1.2299 to April’s high of 1.2569. the advance was capped by strong resistance provided by the 200-day moving average (DMA) at 1.2552, triggering a two-candle bearish formation – bearish harami. This pattern needs a confirmation past the April 29 low of 1.2474, which would exacerbate a test of the latest swing low of 1.2299.

On the other hand, if buyers achieve a daily close above 1.2500, subsequent gains are seen if they challenge the 200-DMA. Once surpassed, the next stop would be the 1.2600 mark.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price	1.2491
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.2492

Trends
Daily SMA20	1.2513
Daily SMA50	1.262
Daily SMA100	1.2649
Daily SMA200	1.2553

Levels
Previous Daily High	1.2564
Previous Daily Low	1.249
Previous Weekly High	1.2542
Previous Weekly Low	1.23
Previous Monthly High	1.2709
Previous Monthly Low	1.23
Daily Fibonacci 38.2%	1.2518
Daily Fibonacci 61.8%	1.2536
Daily Pivot Point S1	1.2467
Daily Pivot Point S2	1.2442
Daily Pivot Point S3	1.2393
Daily Pivot Point R1	1.2541
Daily Pivot Point R2	1.259
Daily Pivot Point R3	1.2615

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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