GBP/USD Price Analysis: Sellers keep eyes on 1.2180 support

FXStreet · 23 Jun 2022 367 Views
  • GBP/USD fades bounces off intraday low, stays pressured around weekly bottom.
  • Fortnight-old resistance line, 100-EMA guard immediate run-up, RSI hints at sideways grind.
  • Weekly support line restricts downside targeting yearly low.

GBP/USD licks its wounds around 1.2250 while fading the recent bounce off intraday low during Thursday’s Asian session. Even so, the cable pair remains pressured below the short-term key resistances.

In addition to the nearby hurdles, sluggish RSI (14) also weighs on the GBP/USD prices. However, an upward sloping support line from last Thursday, near 1.2180, puts a floor under the pair.

That said, a 12-day-old resistance line, at 1.2280 by the press time, guards the Cable pair’s immediate upside ahead of the 100-EMA level near 1.2330. Following that, the mid-June peak surrounding 1.2410 could lure the bulls.

It’s worth noting that there are multiple hurdles surrounding 1.2430 and 1.2470 that could challenge GBP/USD bulls past-1.2410.

Meanwhile, a downside break of the 1.2180, could avail the 1.2100 and the 1.2000 round figures as intermediate halts during the south run targeting the yearly low of 1.1933.

In a case where the GBP/USD bears dominate past 1.1933, the year 2016 low near 1.1900 may act as the last defense of the buyers before directing the quote to March 2020 bottom surrounding 1.1410.

Overall, GBP/USD is likely to extend the bearish grind towards the latest trough.

GBP/USD: Four-hour chart

Trend: Bearish

Additional important levels

Today last price 1.2258
Today Daily Change -0.0008
Today Daily Change % -0.07%
Today daily open 1.2266
Daily SMA20 1.241
Daily SMA50 1.2514
Daily SMA100 1.2898
Daily SMA200 1.3206
Previous Daily High 1.2315
Previous Daily Low 1.2161
Previous Weekly High 1.2407
Previous Weekly Low 1.1934
Previous Monthly High 1.2667
Previous Monthly Low 1.2155
Daily Fibonacci 38.2% 1.222
Daily Fibonacci 61.8% 1.2256
Daily Pivot Point S1 1.218
Daily Pivot Point S2 1.2094
Daily Pivot Point S3 1.2026
Daily Pivot Point R1 1.2334
Daily Pivot Point R2 1.2401
Daily Pivot Point R3 1.2487

Affected Trading Instrument

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