GBP/USD technical analysis: Cable under pressure battling with the 1.2400 figure ahead of Fed’s Powell speech

GBP/USD is under pressure at 27-month lows as the market is challenging 1.2400.
Support is seen at 1.2390 and 1.2340 according to the Technical Confluences Indicator.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is challenging 1.2400 figure as it is trading in a bear trend below its main daily simple moving averages (DSMAs). The market is under bearish pressure at 27-month lows. Investors will pay attention to the Fed's Chair Powell speech at 17.00 GMT.

GBP/USD 4-hour chart

As bears broke below 1.2485 support, the next targets can be located near the 1.2390 and 1.2340 levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The market is under strong selling pressure as bears are challenging the 1.2400 level. Immediate resistances can be seen at 1.2440 and 1.2480, according to the Technical Confluences Indicator.

Additional key levels

GBP/USD

Overview
Today last price	1.241
Today Daily Change	-0.0105
Today Daily Change %	-0.84
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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