GBP/USD technical analysis: Cable reversing intraday losses as UK’s PM Boris Johnson loses majority

GBP/USD is bouncing from multi-year lows as the UK’s Prime Minister Boris Johnson loses the majority.
Bulls would ideally need a daily close above 1.2132 to have a credible recovery.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Sterling is trading in a bear trend below its main daily simple moving averages (SMAs). The market is rebounding sharply from multi-year lows as conservative Phillip Lee defects and UK PM Boris Johnson loses the majority.

GBP/USD 4-hour chart

GBP/USD is recovering as it is challenging the 1.2095 resistance. Immediate resistances can be seen near 1.2132 and the 1.2182 level, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is pressuring the daily highs near the 1.2095 resistance and the 100 SMA, suggesting a consolidation up in the near term. Immediate support can be seen at the 1.2070, 1.2038, and 1.2018, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2088
Today Daily Change	0.0022
Today Daily Change %	0.18
Today daily open	1.2066

Trends
Daily SMA20	1.2149
Daily SMA50	1.2337
Daily SMA100	1.2576
Daily SMA200	1.2761

Levels
Previous Daily High	1.2176
Previous Daily Low	1.2036
Previous Weekly High	1.231
Previous Weekly Low	1.2139
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2089
Daily Fibonacci 61.8%	1.2122
Daily Pivot Point S1	1.201
Daily Pivot Point S2	1.1953
Daily Pivot Point S3	1.187
Daily Pivot Point R1	1.2149
Daily Pivot Point R2	1.2232
Daily Pivot Point R3	1.2288

Author

Flavio Tosti

Independent Analyst

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