GBP/USD technical analysis: Cable losing steam below 1.2570 resistance

• GBP/USD is retreating from the 1.2570 resistance.
• To the downside supports are seen at the 1.2510 and 1.2477 levels.  

GBP/USD daily chart

GBP/USD is trading in a bear trend below its main daily simple moving averages (DSMAs). The market is correcting up after Fed’s Powell dovish comments on Wednesday.

GBP/USD 4-hour chart

GBP/USD is finding resistance at 1.2570 and the 50 SMA as the market remains bearish. To the downside, supports are seen at 1.2535, 1.2510 and 1.2477 according to the Technical Confluences Indicator. 

GBP/USD 30-minute chart

GBP/USD is trading above its main SMAs suggesting bullish momentum in the near term. Resistances can be seen near the 1.2570 and 1.2610 levels, according to the Technical Confluences Indicator.

Additional key levels