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GBP/USD technical analysis: Cable enters the New York session below the 1.2038 level as Brexit weighs

  • The Cable hits fresh multi-year lows this Tuesday. 
  • The levels to beat for sellers are seen at 1.2016, followed by 1.1957 support levels.
  • Buyers would need to have a daily close above 1.2132 to have a credible recovery.
 

GBP/USD daily chart

 
The Sterling is trading in a bear trend below its main daily simple moving averages (SMAs) as it hit fresh multi-year lows. Brexit chaos is weighing heavily on the Pound.

GBP/USD four-hour chart

 
The Cable is under bearish pressure below 1.2038 resistance and its main SMAs on the four-hour chart. The level to beat for sellers is 1.2016, followed by 1.1957, 1.1932 and 1.1880 level on the way down, according to the Technical Confluences Indicator.
 
 

GBP/USD 30-minute chart

 
GBP/USD is trading below the main SMAs, suggesting a bearish bias in the near term. The market had a spike up above 1.2080 but the move up is fading. Immediate resistances are seen at 1.2038, 1.2070 and 1.2095, according to the Technical Confluences Indicator. Bulls would need to have a daily close above 1.2132 to have a credible recovery.
 

Additional key levels

 

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