GBP/USD Technical Analysis: Cable bears keep GBP/USD near 2018 lows and below 1.3000 figure

GBP/USD is trading below 1.3000 psychological level as GBP/USD printed a new 2018 low at 1.2957 earlier in the day.
Bears objective is to keep cable contained below 1.3000 and to drive the price below the current daily low and towards 1.2908 September 5, 2017 low. Resistances are seen near 1.3010 July 18 low and 1.3049 June 28 low.
GBP/USD has lost about 300 pips since the start of the week and is trading below all its main moving averages suggesting a strong bearish momentum.

Flavio Tosti Independent Analyst

GBP/USD 15-minute chart

Spot rate: 1.2987
Relative change: -0.63%
High: 1.3084
Low: 1.2957

Trend: Bearish

Resistance 1: 1.3010 July 18 low
Resistance 2: 1.3049 June 28 low
Resistance 3: 1.3100 figure

Support 1: 1.2957 current 2018 low
Support 2: 1.2908 September 5, 2017 low
Support 3: 1.2774 August 24, 2017 low

Author

Flavio Tosti

Independent Analyst

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