GBP/USD Price Analysis: Pound tumbles to session’s lows near 1.3120 level

The spot is easing from eight-month highs trading just below the 1.3200 handle. The underlying tone remains bullish while above the main daily SMAs.  |  12/12/2019 13:53
  • GBP/USD is trading near session’s lows approaching the 1.3120 support level.
  • Resistance is seen at the 1.3155 price level. 
 

GBP/USD daily chart

 
The spot is easing from eight-month highs trading just below the 1.3200 handle. The underlying tone remains bullish while above the main daily SMAs. 
 

GBP/USD four-hour chart

 
GBP/USD is trading above the main SMAs, suggesting a bullish momentum in the medium term. However, sellers are breaking below the 1.3155 support level. As the market is declining it could reach the 1.3121/07 support zone. If this level is broken, it might lead to a deeper pullback down towards the 1.3025 level, according to the Technical Confluences Indicator.
 
  
 

GBP/USD 30-minute chart

 
 
 
The spot is trading below the main SMAs, suggesting a bearish bias in the short term. Resistance is seen at the 1.3155 level near the main SMAs and at the 1.3180 and 1.3200 handle.
  

Additional key levels

 

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