GBP/USD Technical Analysis: Cable drops near 1.2900 handle on USD strength

The cable is rolling into the Asian session near its daily lows just above the 1.2900 figure.
The level to beat for bears is the 1.2898 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

Sterling/Dollar is easing from the November highs moving away from the 1.3000 handle while trading above its main daily simple moving averages (DMAs).

GBP/USD four-hour chart

The market is challenging the 1.2898 support while trading above its main SMAs. However, after rejecting three times the November highs, the market might start to decline below the 1.2898 support. The bear move can extend to the 1.2871 and 1.2820 levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The market is trading just above the main SMAs, suggesting a bearish bias in the near term. Resistance is seen at the 1.2918, 1.2965 and 1.3000 price levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2906
Today Daily Change	-0.0016
Today Daily Change %	-0.12
Today daily open	1.2922

Trends
Daily SMA20	1.2877
Daily SMA50	1.2657
Daily SMA100	1.2471
Daily SMA200	1.2704

Levels
Previous Daily High	1.2932
Previous Daily Low	1.2887
Previous Weekly High	1.2918
Previous Weekly Low	1.2785
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2905
Daily Fibonacci 61.8%	1.2915
Daily Pivot Point S1	1.2896
Daily Pivot Point S2	1.2869
Daily Pivot Point S3	1.285
Daily Pivot Point R1	1.2941
Daily Pivot Point R2	1.2959
Daily Pivot Point R3	1.2986

Author

Flavio Tosti

Independent Analyst

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