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.

Flavio Tosti Independent Analyst

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 price	1.2062
Today Daily Change	-0.0012
Today Daily Change %	-0.10
Today daily open	1.2074

Trends
Daily SMA20	1.2282
Daily SMA50	1.249
Daily SMA100	1.2716
Daily SMA200	1.2817

Levels
Previous Daily High	1.2107
Previous Daily Low	1.2015
Previous Weekly High	1.221
Previous Weekly Low	1.2023
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2072
Daily Fibonacci 61.8%	1.205
Daily Pivot Point S1	1.2024
Daily Pivot Point S2	1.1974
Daily Pivot Point S3	1.1932
Daily Pivot Point R1	1.2115
Daily Pivot Point R2	1.2157
Daily Pivot Point R3	1.2207

Author

Flavio Tosti

Independent Analyst

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