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29 Aug 2019
GBP/USD technical analysis: Cable battling with the 1.2200 level near daily lows
- GBP/USD is trading off the August high after hitting the 1.2310 level on Tuesday.
- The levels to beat for bears are seen at 1.2179, followed by 1.2156 support levels.
GBP/USD daily chart
The Sterling is in a bear trend below its main daily simple moving averages (SMAs). The market is down for the second day in a row.
GBP/USD 4-hour chart
The Cable is trading below 1.2214 resistance and the 50/200 SMAs on the 4-hour time frame. Bears are most likely looking for a breakdown below 1.2179 support as well as the 1.2156, 1.2125 and 1.2065 levels, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
GBP/USD is trading below the main SMAs, suggesting a bearish bias in the near term. Immediate resistances are seen at the 1.2194, 1.2214 and 1.2245 levels, according to the Technical Confluences Indicator.
Additional key levels