#GBPUSD @ 1.21930 Sour market sentiment has dragged the Cable below 1.2200. (Pivot Orderbook analysis)
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- Sour market sentiment has dragged the Cable below 1.2200.
- An oscillation in the bullish range by the RSI (14) indicates that the bullish momentum is still solid.
- A mean reversion to the 20-EMA around 1.1970 is highly expected.
The pair currently trades last at 1.21930.
The previous day high was 1.23 while the previous day low was 1.2134. The daily 38.2% Fib levels comes at 1.2237, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2198, expected to provide resistance.
The GBP/USD pair has sensed barricades around the immediate hurdle of 1.2200 in the early Tokyo session. The three-day winning streak of the Cable ended on Monday after it failed to extend its rally above 1.2340. A cautious market mood hammered the Pound Sterling and sent it to lower below the round-level cushion of 1.2200.
Meanwhile, the US Dollar Index (DXY) has witnessed a significant buying interest and has advanced to near 105.40 after refreshing its fresh- foe-month low at 104.10.
On a daily scale, Cable has faced selling pressure after testing the supply zone placed in a narrow range of 1.2292-1.2351. The gap between the Cable and the 20-period Exponential Moving Average (EMA) has escalated, therefore, a mean reversion cannot be ruled out. The Cable is still holding the 200-EMA at 1.2108, which indicates that the long-term trend is still bullish.
Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which indicates that the bullish momentum is still active.
Going forward, a decline below Friday’s low at 1.2134 will drag the Cable toward the psychological resistance at 1.2000, followed by the 20-EMA around 1.1971.
On the flip side, a break above Monday’s high at 1.2345 will drive the Cable toward June 16 high of around 1.2400. A breach of the latter will send the major toward June 1 low at 1.2460.
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2187 at the time of writing. Pair opened at 1.2283 and is trading with a change of -0.78 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2187 |
| 1 | Today Daily Change | -0.0096 |
| 2 | Today Daily Change % | -0.7800 |
| 3 | Today daily open | 1.2283 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.1885, 50 SMA 1.1503, 100 SMA @ 1.1656 and 200 SMA @ 1.2149.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.1885 |
| 1 | Daily SMA50 | 1.1503 |
| 2 | Daily SMA100 | 1.1656 |
| 3 | Daily SMA200 | 1.2149 |
The previous day high was 1.23 while the previous day low was 1.2134. The daily 38.2% Fib levels comes at 1.2237, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2198, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.2178, 1.2073, 1.2012
- Pivot resistance is noted at 1.2344, 1.2405, 1.251
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2300 |
| Previous Daily Low | 1.2134 |
| Previous Weekly High | 1.2311 |
| Previous Weekly Low | 1.1900 |
| Previous Monthly High | 1.2154 |
| Previous Monthly Low | 1.1147 |
| Daily Fibonacci 38.2% | 1.2237 |
| Daily Fibonacci 61.8% | 1.2198 |
| Daily Pivot Point S1 | 1.2178 |
| Daily Pivot Point S2 | 1.2073 |
| Daily Pivot Point S3 | 1.2012 |
| Daily Pivot Point R1 | 1.2344 |
| Daily Pivot Point R2 | 1.2405 |
| Daily Pivot Point R3 | 1.2510 |
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