GBP/USD technical analysis: Clings to gains near session tops, comfortably above mid-1.2200s

After the previous session's modest pullback, the pair regained some traction on Tuesday and climbed to session tops - around the 1.2270 region - in the last hour.
The pair found decent support ahead of the 1.2200 round figure mark, which nears 100-hour SMA and should now act as a key pivotal point for short-term traders.

Haresh Menghani FXStreet

Technical indicators on hourly charts maintained their bullish bias and have just started gaining positive momentum on the daily chart, supporting prospects for an extension of the recent recovery move from the vicinity of the key 1.20 psychological mark – or yearly lows.

On the contrary, the pair now seemed to be in the process of forming a bearish head & shoulders pattern on hourly charts, which will be confirmed following a decisive breakthrough the neckline support near the mentioned handle.

However, a sustained strength beyond the 1.2270-75 region will negate any near-term bearish bias and set the stage for a move beyond the 1.2300 round figure mark towards testing the pair’s next major hurdle near the 1.2330-35 region.

Meanwhile, weakness below the 1.2200 handle is likely to accelerate the slide further towards the 1.2170 horizontal support en-route the 1.2125-20 region – nearing the bearish pattern target on the downside.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.2269
Today Daily Change	0.0050
Today Daily Change %	0.41
Today daily open	1.2219

Trends
Daily SMA20	1.2141
Daily SMA50	1.2386
Daily SMA100	1.2621
Daily SMA200	1.2777

Levels
Previous Daily High	1.2287
Previous Daily Low	1.2208
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2238
Daily Fibonacci 61.8%	1.2257
Daily Pivot Point S1	1.2189
Daily Pivot Point S2	1.2159
Daily Pivot Point S3	1.211
Daily Pivot Point R1	1.2268
Daily Pivot Point R2	1.2317
Daily Pivot Point R3	1.2347

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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