Home GBP/USD technical analysis: Cable under pressure battling with the 1.2400 figure ahead of Fed’s Powell speech
FXStreet News

GBP/USD technical analysis: Cable under pressure battling with the 1.2400 figure ahead of Fed’s Powell speech

FX Street
Published date:
  • GBP/USD is under pressure at 27-month lows as the market is challenging 1.2400.
  • Support is seen at 1.2390 and 1.2340 according to the Technical Confluences Indicator.

 

GBP/USD daily chart

 

GBP/USD is challenging 1.2400 figure as it is trading in a bear trend below its main daily simple moving averages (DSMAs). The market is under bearish pressure at 27-month lows. Investors will pay attention to the Fed’s Chair Powell speech at 17.00 GMT.  

 

 

GBP/USD 4-hour chart

As bears broke below 1.2485 support, the next targets can be located near the 1.2390 and 1.2340 levels, according to the Technical Confluences Indicator.

 

 

GBP/USD 30-minute chart

 

The market is under strong selling pressure as bears are challenging the 1.2400 level. Immediate resistances can be seen at 1.2440 and 1.2480, according to the Technical Confluences Indicator.

 

Additional key levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2026