GBP/USD technical analysis: Cable sinkink to 27-month lows approaching 1.2400 figure

GBP/USD breaks to 27-month lows as the market is nearing 1.2400.
Support is seen at 1.2385 and 1.2340 according to the Technical Confluences Indicator.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is trading in a bear trend below its main daily simple moving averages (DSMAs). The market is approaching 1.2400 figure while trading at 27-month lows.

GBP/USD 4-hour chart

GBP/USD broke below 1.2485 support. Bears want to drive the market towards 1.2385 and 1.2340 level, according to the Technical Confluences Indicator. Cable is also trading below the main SMAs suggesting bearish momentum.

GBP/USD 30-minute chart

The market is under heavy bearish pressure. Immediate resistance can be seen at 1.2440 and 1.2480, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2422
Today Daily Change	-0.0093
Today Daily Change %	-0.74
Today daily open	1.2515

Trends
Daily SMA20	1.2607
Daily SMA50	1.269
Daily SMA100	1.2899
Daily SMA200	1.2889

Levels
Previous Daily High	1.2579
Previous Daily Low	1.251
Previous Weekly High	1.258
Previous Weekly Low	1.244
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2537
Daily Fibonacci 61.8%	1.2553
Daily Pivot Point S1	1.249
Daily Pivot Point S2	1.2465
Daily Pivot Point S3	1.2421
Daily Pivot Point R1	1.256
Daily Pivot Point R2	1.2604
Daily Pivot Point R3	1.2629

Author

Flavio Tosti

Independent Analyst

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