GBP/USD Technical Analysis: Cable meltdown goes on as bear push GBP/USD below 1.2700 level

GBP/USD bears show no mercy as Cable reached a new 2018 low below the 1.2700 figure. GBP/USD is trading below its 50, 100 and 200-period simple moving averages on the 15-minute chart suggesting a strong bearish bias as the market is down for the 12th day in a row.
There seems to be little significant resistance before the next key support level at 1.2589 (June 21, 2017 low).
Resistances to the upside are located near 1.2700 and 1.2723, August 10 low. Any rally will likely be met with selling pressure.

Flavio Tosti Independent Analyst

GBP/USD 15-minute chart

GBP/USD daily chart

Spot rate: 1.2685
Relative change: -0.29%
High: 1.2736
Low: 1.2668

Trend: Bearish

Resistance 1: 1.2700 figure
Resistance 2: 1.2723, August 10 low
Resistance 3: 1.2789 intraday swing high
Resistance 4: 1.2838, August 10 high
Resistance 5: 1.2900-1.2923 area, figure and August 7 low

Support 1: 1.2589 June 21, 2017 low
Support 2: 1.2500 figure
Support 3: 1.2365 April 7, 2017

Author

Flavio Tosti

Independent Analyst

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