- The sterling is under selling pressure in the New York session.
- The level to beat for bears is the 1.3060 support.
GBP/USD daily chart
The pound/dollar currency pair is retracing down sharply from 17-month highs while completely erasing the UK election spike. On Tuesday, the cable registered its worst daily decline since November 2018.
GBP/USD four-hour chart
The market is under bearish pressure below the 1.3100 handle and the 50/100 SMAs on the four-hour chart. Sellers are probably looking for a break below the 1.3060 support. If this happens, they can drive the price down to the 1.2996 and 1.2915 levels. Resistances are seen at the 1.3120 level and 1.3200 handle, according to the Technical Confluences Indicator.
Additional key levels
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