GBP/USD technical analysis: Cable slides to multi-month lows

GBP/USD broke below the previous low established in May at 1.2558.
The next support in line is seen at 1.2484 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 simple moving averages. The market broke below the May’s low at 1.2558. The next main support to look at is seen at 1.2438, June 3 low.

GBP/USD 4-hour chart

The market is under bearish pressure below 1.2560 and the main simple moving averages (SMAs). The level to beat for bears is the 1.2500 support followed by 1.2484 which is the confluence of the Pivot Point one-day Support 2 and the previous yearly low.

GBP/USD 30-minute chart

GBP/USD is trading below its main SMAs suggesting a bearish bias in the short term. The 1.2588 is seen as strong resistance according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.2529
Today Daily Change	-0.0005
Today Daily Change %	-0.04
Today daily open	1.2534

Trends
Daily SMA20	1.2666
Daily SMA50	1.2855
Daily SMA100	1.2975
Daily SMA200	1.2937

Levels
Previous Daily High	1.2606
Previous Daily Low	1.2532
Previous Weekly High	1.2759
Previous Weekly Low	1.2579
Previous Monthly High	1.3178
Previous Monthly Low	1.2559
Daily Fibonacci 38.2%	1.256
Daily Fibonacci 61.8%	1.2578
Daily Pivot Point S1	1.2509
Daily Pivot Point S2	1.2483
Daily Pivot Point S3	1.2434
Daily Pivot Point R1	1.2583
Daily Pivot Point R2	1.2632
Daily Pivot Point R3	1.2658

Author

Flavio Tosti

Independent Analyst

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