- The bear trend remains intact as GBP/USD is hovering near multi-month lows.
- The levels to beat for bears are seen at 1.2060 and 1.2036 supports.
GBP/USD daily chart
The Cable remains under bearish pressure as the market reached a new multi-month low at the 1.2015 level at the start of the week. The market is for now capped below the 1.2100 resistance. Earlier in the day, the UK inflation YoY came in at 2.1% vs. 1.9% and GBP/USD had an intraday spike above the 1.2085 level which has been retraced.
GBP/USD 4-hour chart
GBP/USD is trading below its main simple moving averages (SMAs), suggesting a bearish bias in the medium term. The market faded the 1.2085 resistance one more time this Wednesday. Bulls would need to reclaim the 1.2085 and 1.2116 resistances, followed by the 1.2135 and 1.2154 levels.
GBP/USD 30-minute chart
The Cable is trading between the 200 and 50 SMA suggesting a consolidation phase in the near term. Sellers need to break below 1.2060/1.2036 levels to reach 1.2003 and 1.1952 on the way down, according to the Technical Confluences Indicator.
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.