GBP/USD technical analysis: Cable is back under selling pressure as Brexit weighs on the Pound

Johnson is set to replace UK PM Theresa May.
It is Spring Bank holiday in the UK and Memorial Day in the US and the volatility might be limited.
GBP/USD keep being under pressure.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD has been under strong selling pressure in May as the Brexit drama pushed the currency pair to near 1.2600 the figure.

GBP/USD 4-hour chart

GBP/USD is once again under selling pressure as the bears are keeping Cable below 1.2750 and the 50 simple moving average (SMA).

GBP/USD 30-minute chart

Bears are challenging the 1.2700 figure and the 200 SMA. There seems little the market can do to prevent a drop towards 1.2650 and potentially to 1.2600 again. Resistance is at the 1.2700 and 1.2750 levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2684
Today Daily Change	-0.0027
Today Daily Change %	-0.21
Today daily open	1.2711

Trends
Daily SMA20	1.2905
Daily SMA50	1.3009
Daily SMA100	1.3016
Daily SMA200	1.2957

Levels
Previous Daily High	1.2733
Previous Daily Low	1.2647
Previous Weekly High	1.2815
Previous Weekly Low	1.2605
Previous Monthly High	1.3196
Previous Monthly Low	1.2865
Daily Fibonacci 38.2%	1.27
Daily Fibonacci 61.8%	1.268
Daily Pivot Point S1	1.2661
Daily Pivot Point S2	1.2611
Daily Pivot Point S3	1.2574
Daily Pivot Point R1	1.2747
Daily Pivot Point R2	1.2783
Daily Pivot Point R3	1.2834

Author

Flavio Tosti

Independent Analyst

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