#GBPUSD @ 1.20813 The Pound Sterling drops below 1.2000, set to finish the week with gains of more than 1.50%. (Pivot Orderbook analysis)

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• The Pound Sterling drops below 1.2000, set to finish the week with gains of more than 1.50%.
• GBP/USD: Failure to hold above 1.2100 exacerbated a fall toward the November 24 low of 1.2049.
• GBP/USD Price Analysis: A break below 1.2000 will exacerbate a fall towards 1.1800.

The pair currently trades last at 1.20813.

The previous day high was 1.2154 while the previous day low was 1.2048. The daily 38.2% Fib levels comes at 1.2113, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2088, expected to provide resistance.

The GBP/USD hovers below 1.2100 amid a subdued trading session on low volume conditions spurred by the US Thanksgiving holiday, with the US equity market set to close on Friday, around 13:00 ET. Broad US Dollar (USD) strength spurred by a risk-off impulse caused a retracement on the GBP/USD. At the time of writing, the GBP/USD is trading at 1.2079, registering a minuscule loss of 0.27%.

From a daily chart perspective, the GBP/USD remains neutral-upward biased, though lacking the force to break above the 200-day Exponential Moving Average (EMA) around 1.2181. November’s monthly high of around 1.2153 was shy of piercing the latter. Therefore, the GBP/USD would be subject to selling pressure, opening the door for further downside.

The GBP/USD 4-hour chart suggests that the major appears to be topping around the 1.2150 area in the near term, failing to break above the August 17 daily high of 1.2142, exacerbating a drop below 1.2100. Also, the Relative Strength Index (RSI) exiting from overbought conditions after peaking around 1.2150, which could mean two things: traders booking profits after a fall towards multi-decade lows around 1.0300 towards 1.2000, and also some US Dollar (USD) short covering.

Therefore, the GBP/USD path of least resistance is downwards. GBP/USD first support would be the S1 daily pivot point at 1.2050. Break below will expose the 1.2000 figure, followed by the 50-Exponential Moving Average (EMA) at around 1.1931.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2083 at the time of writing. Pair opened at 1.212 and is trading with a change of -0.31 % .

The pair is trading above its 20 Daily moving average @ 1.1682, above its 50 Daily moving average @ 1.1404 , above its 100 Daily moving average @ 1.1644 and below its 200 Daily moving average @ 1.2192

The previous day high was 1.2154 while the previous day low was 1.2048. The daily 38.2% Fib levels comes at 1.2113, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2088, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.206, 1.2001, 1.1954
• Pivot resistance is noted at 1.2166, 1.2213, 1.2272

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