31 Jul 2019
GBP/USD technical analysis: Cable drops and challenges 1.2200 as Fed cuts rates
- GBP/USD drops about 60 pips as the Federal Reserve cuts rates by 25 bps.
- GBP/USD is challenging 1.2200 while within its daily range.
GBP/USD daily chart
GBP/USD drops about 60 pips from the daily highs. The Federal Reserve cuts rates as expected by 25 bps.
GBP/USD 4-hour chart
GBP/USD is trading just above 1.2190 support. If the market breaks below the level, the next supports on the way down are seen at 1.2165, 1.2133 and 1.2100 according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
Cable is trading above the 50/100 SMAs, suggesting a retracement up in the short term. Resistances can be located at 1.2210 and 1.2263, according to the Technical Confluences Indicator.
Additional key levels