23 Sep 2019
GBP/USD technical analysis: Cable hovering near daily lows, challenging 1.2417 support
- The Sterling starts the week on the back foot as the currency pair is down for the second consecutive day.
- The level to beat for sellers is the 1.2417 support level.
GBP/USD daily chart
The Sterling is trading is in a downtrend below the 100 and 200-day simple moving averages (SMAs). The market is currently rejecting the 1.2500 handle and the 100 SMA.
GBP/USD four-hour chart
GBP/USD is trading below the 50 SMA as the market is challenging the 1.2417 support. If the market break below the level, GBP/USD can correct down towards 1.2340 and 1.2317 price levels, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
The Sterling is trading below its main SMAs, suggesting a bearish bias in the near term. Immediate resistance is the 1.2560/1.2465 zone followed by 1.2510 price level, according to the Technical Confluences Indicator.
Additional key levels