- Analytics
- News and Tools
- Market News
- GBP/USD Price Analysis: Bears pressing in and eye a break of key support
GBP/USD Price Analysis: Bears pressing in and eye a break of key support
- GBP/USD is resisted by 1.2050 currently in a bearish bias on the charts.
- Bears seek a break of 1.2000 top open risks of significant downside in the coming sessions.
GBP/USD extended losses after remarks from Bank of England Governor Andrew Bailey. Speaking at a cost of living conference in London, Bailey said he would caution against suggesting the BOE is finished raising rates or that it will need to deliver more increases. Cable is techcniually coiled as well which the following technical analysis illustrates offering a bearish bias for the pair.
GBP/USD daily chart
Bears are looking for a break of the structure near 1.1900 to open a run towards 1.1650 as per the daily chart above while the price is at least below trendline resistance and capped by 1.2200 highs.
GBP/USD H1 chart
We have the resistance structure at 1.2050 currently and a break below 1.2000 could be the catalyst for a sharp move to the downside in the coming sessions.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
