GBP/USD Technical Analysis: Cable hit hard by strong Dollar, GBP/USD tanks below 1.3300 level

  • GBP/USD has broken through many supports on Thursday and is currently breaking below the lower trendline as bears are en route to the next support likely located at 1.3254, June 1 swing low and then 1.3205 current 2018 low.
  • The USD strength has been felt across the board with most majors being in free fall against USD after the European Central Bank rate decision announcement which was interpreted as dovish by the market.

GBP/USD 15-minute chart

Spot rate:               1.3259
Relative change:    -0.87%     
High:                      1.3447
Low:                       1.3256

Trend:                    Bearish

Resistance 1:        1.3300 key support
Resistance 2:        1.3344, daily 10-period SMA
Resistance 3:        1.3400 figure
Resistance 4:        1.3590 daily 200-period simple moving average

Support 1:             1.3254 June 1 swing low
Support 2:             1.3205 current 2018 low
Support 3:             1.3100 figure

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