GBP/USD technical analysis: Cable settling near 1.2060 as the greenback strengthens

 |  13/08/2019 18:39
  • The bear trend remains intact as GBP/USD fell to new multi-month lows on Monday.
  • The levels to beat for bears are seen at 1.2060 and 1.2036 supports.
 
 

GBP/USD daily chart

 
Cable is under bearish pressure as the market reached a new multi-month lows at the 1.2015 level at the start of the week. 
 

GBP/USD 4-hour chart

 
GBP/USD is trading below its main simple moving averages (SMAs), suggesting a bearish bias in the medium term. The market rejected the 1.2085 resistance one more time. Bulls would need to reclaim the 1.2085 and 1.2116 resistances, followed by the 1.2135 and 1.2154 levels. 
 
 

GBP/USD 30-minute chart

 
 
Cable is challenging the 1.2060 support below the 50/100 SMAs. Bears need to break below 1.2060/1.2036 levels to reach 1.2003 and 1.1952 on the way down, according to the Technical Confluences Indicator.
 
 

Additional key levels

 

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