GBP/USD Technical Analysis: Bears did it again, GBP/USD prints a new 2018 low

  • GBP/USD reached a new 2018 low (at 1.2841), yet again. However, bulls were quick to step in and drive the market near the 1.2900 figure. GBP/USD found resistance at the 200-period simple moving average (SMA) and GBP/USD is resuming the bear trend.
  • The next targets to the downside are likely located near the current 2018 low. A bear breakout below the level would likely lead to an acceleration near 1.2774 August 24, 2017 low. 
  • On the flip side, as the market is quite oversold bulls will try to prevent any sell-off to go very far as their objective is to breakout above 1.2900-1.2923 area in order to reach 1.2957 July 17 low.  

GBP/USD 15-minute chart

GBP/USD daily chart

Spot rate:               1.2878
Relative change:    -0.47%     
High:                      1.2961
Low:                       1.2853

Trend:                    Bearish / Bullish pullback above 1.2900-1.2923 area

Resistance 1:        1.2900-1.2923 area, figure and August 7 low 
Resistance 2:        1.2957 July 17 low
Resistance 3:        1.2975 August 3 low
Resistance 4:        1.3000-1.3010 area, figure and July 18 low
Resistance 5:        1.3049 June 28 low
Resistance 6:        1.3100-1.3076 area, figure and July 24 low
Resistance 7:        1.3155 former breakout point
Resistance 8:        1.3200 figure
Resistance 9:        1.3230 supply level
Resistance 10:       1.3250 June 4 high 

Support 1:             1.2841 August 9, low (2018 low)
Support 2:             1.2774 August 24, 2017 low
Support 3:             1.2700 figure

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