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GBP/USD technical analysis: Cable settling near 1.2060 as the greenback strengthens

  • The bear trend remains intact as GBP/USD fell to new multi-month lows on Monday.
  • The levels to beat for bears are seen at 1.2060 and 1.2036 supports.
 
 

GBP/USD daily chart

 
Cable is under bearish pressure as the market reached a new multi-month lows at the 1.2015 level at the start of the week. 
 

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 rejected the 1.2085 resistance one more time. 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

 
 
Cable is challenging the 1.2060 support below the 50/100 SMAs. Bears 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

GBP/USD

Overview
Today last price1.2062
Today Daily Change-0.0012
Today Daily Change %-0.10
Today daily open1.2074
 
Trends
Daily SMA201.2282
Daily SMA501.249
Daily SMA1001.2716
Daily SMA2001.2817
Levels
Previous Daily High1.2107
Previous Daily Low1.2015
Previous Weekly High1.221
Previous Weekly Low1.2023
Previous Monthly High1.2706
Previous Monthly Low1.2119
Daily Fibonacci 38.2%1.2072
Daily Fibonacci 61.8%1.205
Daily Pivot Point S11.2024
Daily Pivot Point S21.1974
Daily Pivot Point S31.1932
Daily Pivot Point R11.2115
Daily Pivot Point R21.2157
Daily Pivot Point R31.2207

Author

Flavio Tosti

Flavio Tosti

Independent Analyst

 

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