GBP/USD technical analysis: Sterling euphoria abates as Brexit gets delayed, trading sub-1.2900 handle

As the Brexit gets delayed, GBP/USD is retracing down below the 1.2900 handle.
The level to beat for bears is the 1.2881 support.

Flavio Tosti Independent Analyst

GBP/USD daily chart

The Sterling, on the daily chart, had a spike above the main daily simple moving averages (DSMAs) while reaching levels not seen since mid-May 2019. UK PM’s Johnson loses the second vote, GBP/USD crashes, Brexit likely delayed.

GBP/USD four-hour chart

The Cable is trading in a bull channel above the main SMAs. However, the market is pulling back down sharply, testing the 1.2881 support level. A break below the level can lead to further losses towards the 1.2813 price level, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is trading below its main SMAs, suggesting potential bearish momentum in the near term. Potential pullbacks could find resistance near 1.2907, 1.2935 and 1.2950, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2905
Today Daily Change	-0.0053
Today Daily Change %	-0.41
Today daily open	1.2958

Trends
Daily SMA20	1.2493
Daily SMA50	1.2359
Daily SMA100	1.2424
Daily SMA200	1.2716

Levels
Previous Daily High	1.3013
Previous Daily Low	1.2875
Previous Weekly High	1.299
Previous Weekly Low	1.2515
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.296
Daily Fibonacci 61.8%	1.2928
Daily Pivot Point S1	1.2884
Daily Pivot Point S2	1.281
Daily Pivot Point S3	1.2746
Daily Pivot Point R1	1.3023
Daily Pivot Point R2	1.3087
Daily Pivot Point R3	1.3161

Author

Flavio Tosti

Independent Analyst

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