GBP/USD technical analysis: Cable under pressure flirting with 1.2400 post Fed’s Powell speech

• Bears keep the pressure on after Fed’s Powell speech.
• Support is seen at 1.2390 and 1.2340 according to the Technical Confluences Indicator.

 
GBP/USD daily chart
 

GBP/USD is challenging the 1.2400 figure after the speech of Fed’s Chair Powell. There was no significant reaction in the currency market as Powell essentially didn’t bring anything new to the table. 

GBP/USD 4-hour chart

Cable remains under strong selling pressure near 27-month lows. The next bear targets can be near the 1.2390 and 1.2340 levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart
 

The 50 SMA is crossing below the 100 SMA which can be seen as bearish. Immediate resistances can be seen at 1.2440 and 1.2480, according to the Technical Confluences Indicator.

Additional key levels