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  • The Cable is under pressure as the market is nearing the 2019 low.
  • The levels to beat for sellers are seen at 1.2065, followed by 1.2035 support levels.
  • UK PM Boris Johnson’s statement: “We are leaving 31st Oct no ifs no buts”.
 

GBP/USD daily chart

 
The GBP/USD currency pair is trading in a bear trend below its main daily simple moving averages (SMAs). UK PM Boris Jonhson, said that odds for a Brexit deal have been rising.  

GBP/USD 4-hour chart

 
The Cable is under pressure below 1.2091/1.2104 resistance zone and the main SMAs on the 4-hour time frame. The level to beat for sellers remains 1.2065, followed by 1.2035/1.2010 zone and 1.1935 level on the way down, 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. The market is having a consolidation near the 1.2065 level. Immediate resistances are seen at the 1.2091/1.2104 levels followed by 1.2130, according to the Technical Confluences Indicator.
 

Additional key levels