7 Aug 2019
GBP/USD technical analysis: Cable confined in a tight range below 1.2212, remains vulnerable to the downside
- GBP/USD is consolidating last week losses below the 1.2212 resistance.
- The levels to beat for sellers are seen at 1.2116 and 1.2085 supports.
GBP/USD daily chart
Cable remains under pressure near multi-month lows as the market is trading below its main daily simple moving averages (DSMAs).
GBP/USD 4-hour chart
GBP/USD is trading below its main SMAs, suggesting bearish momentum in the near term. Bears could soon break the 1.2116 support, opening the doors to further losses towards 1.2085, 1.2060, 1.2035 and the 1.2000 figure, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
Cable is ending the day in the lower part of its daily range below its SMAs. Immediate resistance can be seen near 1.2154, 1.2186 and the 1.2212 levels.
Additional key levels