GBP/USD technical analysis: Cable eases from daily highs, trading sub-1.2085 resistance

GBP/USD bear trend is intact as the market fell to new multi-month lows this Monday.
The levels to beat for bears are seen at 1.2060 and 1.2036 supports.

Flavio Tosti Independent Analyst

GBP/USD daily chart

Cable is under heavy bearish pressure as the market hit a new multi-month lows at the 1.2015 level this Monday.

GBP/USD 4-hour chart

GBP/USD is trading below its main simple moving averages (SMAs), suggesting a negative bias in the medium term. The market failed to recover above the 1.2085 resistance. Bulls will have lots of resistance to overcome if they intend to create a meaningful recovery. They need to overcome the 1.2085 and 1.2116 resistances, followed by the 1.2135 and 1.2154 levels.

GBP/USD 30-minute chart

Cable is rejecting the current daily high near the 1.2100 figure and the 50 SMA. Bears want to break below 1.2060 and 1.2036 levels to reach 1.2003 on the way down, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2067
Today Daily Change	0.0039
Today Daily Change %	0.32
Today daily open	1.2028

Trends
Daily SMA20	1.2304
Daily SMA50	1.2502
Daily SMA100	1.2727
Daily SMA200	1.2822

Levels
Previous Daily High	1.2154
Previous Daily Low	1.2023
Previous Weekly High	1.221
Previous Weekly Low	1.2023
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2073
Daily Fibonacci 61.8%	1.2104
Daily Pivot Point S1	1.1983
Daily Pivot Point S2	1.1938
Daily Pivot Point S3	1.1852
Daily Pivot Point R1	1.2113
Daily Pivot Point R2	1.2199
Daily Pivot Point R3	1.2244

Author

Flavio Tosti

Independent Analyst

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