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  • GBP/USD is trading off the August high after hitting the 1.2310 level on Tuesday.
  • The levels to beat for bears are seen at 1.2179, followed by 1.2156 support levels.
 

GBP/USD daily chart

 
The Sterling is in a bear trend below its main daily simple moving averages (SMAs). The market is down for the second day in a row.

GBP/USD 4-hour chart

 
The Cable is trading below 1.2214 resistance and the 50/200 SMAs on the 4-hour time frame. Bears are most likely looking for a breakdown below 1.2179 support as well as the 1.2156, 1.2125 and 1.2065 levels, according to the Technical Confluences Indicator.
 
 

GBP/USD 30-minute chart

 
GBP/USD is trading below the main SMAs, suggesting a bearish bias in the near term. Immediate resistances are seen at the 1.2194, 1.2214 and 1.2245 levels, according to the Technical Confluences Indicator.

Additional key levels