GBP/USD technical analysis: Cable under heavy bearish pressure hits levels not seen since January

GBP/USD is trying to fall below the low established in May at 1.2560.
A daily close below 1.2560 (May low) would open the doors to 1.2500 handle.
GBP/USD hit a low of 1.1253 which was not seen since January 2019.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD in a bear trend below its main simple moving averages. The market is attempting to break below the lowest point in May at 1.2560. Investors will be on the lookout to see if the market can close Monday below this level.

GBP/USD 4-hour chart

The market remains under bearish pressure near 1.260 and the main simple moving averages (SMAs). Bullish activity has been pretty scarce as bears are bears are in control.

GBP/USD 30-minute chart

Starling tested the 1.2600 handle and 50 SMA and the bears stepped in. A daily close below 1.2560 would be seen as very bearish with a potential continuation towards 1.2500. Resistance is at 1.2600 and 1.2650 level.

Additional key levels

GBP/USD

Overview
Today last price	1.2562
Today Daily Change	-0.0032
Today Daily Change %	-0.25
Today daily open	1.2594

Trends
Daily SMA20	1.2676
Daily SMA50	1.2865
Daily SMA100	1.2981
Daily SMA200	1.294

Levels
Previous Daily High	1.269
Previous Daily Low	1.2579
Previous Weekly High	1.2759
Previous Weekly Low	1.2579
Previous Monthly High	1.3178
Previous Monthly Low	1.2559
Daily Fibonacci 38.2%	1.2621
Daily Fibonacci 61.8%	1.2647
Daily Pivot Point S1	1.2552
Daily Pivot Point S2	1.251
Daily Pivot Point S3	1.2441
Daily Pivot Point R1	1.2662
Daily Pivot Point R2	1.2731
Daily Pivot Point R3	1.2773

Author

Flavio Tosti

Independent Analyst

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