GBP/USD refreshes session lows, retreats nearly 100 pips from daily swing high

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The GBP/USD pair retreated nearly 100 pips from the daily swing high and refreshed session lows, around mid-1.2100s in the last hour.

The emergence of some fresh US dollar selling during the early European session, triggered by a goodish pickup in the shared currency, assisted the GBP/USD pair to reverse an early dip and jump to an intraday high level of 1.2254.

However, concerns about a further escalation of diplomatic tensions between the United State and China continued lending some support to the greenback's relative safe-haven status. This, in turn, kept a lid on any strong gains, instead prompted some fresh selling around the GBP/USD pair.

The intraday pullback picked up paced after the PM spokesman reiterated government's position and said that the Brexit transition period will not be extended beyond December 31. The comments took its toll on the sterling and dragged the GBP/USD pair to fresh session lows in the last hour.

Meanwhile, investors seemed to have digested the overnight report that the EU is willing to drop its ‘maximalist’ approach on fisheries in the next round of Brexit negotiations with the UK, starting next week. Hence, it will now be interesting to see if the pair is able to find any support at lower levels or continues with its intraday downfall amid absent relevant market moving economic releases.

Technical levels to watch

GBP/USD

Overview
Today last price1.2312
Today Daily Change-0.0021
Today Daily Change %-0.17
Today daily open1.2333

 

Trends
Daily SMA201.2317
Daily SMA501.2278
Daily SMA1001.2606
Daily SMA2001.2667

 

Levels
Previous Daily High1.2363
Previous Daily Low1.2187
Previous Weekly High1.2296
Previous Weekly Low1.2076
Previous Monthly High1.2648
Previous Monthly Low1.2165
Daily Fibonacci 38.2%1.2296
Daily Fibonacci 61.8%1.2254
Daily Pivot Point S11.2225
Daily Pivot Point S21.2118
Daily Pivot Point S31.2049
Daily Pivot Point R11.2402
Daily Pivot Point R21.2471
Daily Pivot Point R31.2578