- GBP/USD bear trend remains intact as the market fell to new multi-month lows.
- The levels to beat for bears are seen at 1.2082 and 1.2060 supports.
GBP/USD daily chart
Cable remains under heavy bearish pressure as the market hit a new multi-month lows at the 1.2015 level.
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 recovered above the 1.2085 resistance. However, bulls have plenty of resistance to overcome if they want to create a meaningful recovery. They need to overcome the 1.2116 resistance, followed by 1.2135 and 1.2154 levels.
GBP/USD 30-minute chart
Cable is challenging the 1.2100 figure and the 50 SMA as the market is pulling back up. Bears would need to break below 1.2082 support followed by 1.2060 and 1.2036 levels.
Additional key levels
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