GBP/USD: Bears are at the helm
|GBP/USD is setting lower lows and lower highs – a bearish trend as the late May's daily chart is showing bears are in control, Yohay Elam, an analyst at FXStreet, informs.
Key quotes
“The cable has failed to break above the 50-day Simple Moving Average. While downside momentum is minor, the GBP/USD pair trades below the 100 and 200-day SMAs.”
“Initial support awaits at 1.2165, which cushioned the currency pair twice in recent months. The May low of 1.2085 is the next level to watch.”
“Resistance is at 1.2250, a former double-bottom, followed by 1.23, a round number that was a high point in mid-May.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.