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GBP/USD technical analysis: Cable slides to multi-month lows

2019-06-18 22:15

  • GBP/USD broke below the previous low established in May at 1.2558. 

  • The next support in line is seen at 1.2484 according to the Technical Confluences Indicator. 



GBP/USD daily chart



GBP/USD is trading in a bear trend below its main simple moving averages. The market broke below the May’s low at 1.2558. The next main support to look at is seen at 1.2438, June 3 low.





GBP/USD 4-hour chart



The market is under bearish pressure below 1.2560 and the main simple moving averages (SMAs). The level to beat for bears is the 1.2500 support followed by 1.2484 which is the confluence of the Pivot Point one-day Support 2 and the previous yearly low.





GBP/USD 30-minute chart



GBP/USD is trading below its main SMAs suggesting a bearish bias in the short term. The 1.2588 is seen as strong resistance according to the Technical Confluences Indicator





Additional key levels





 


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

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