GBP/USD technical analysis: Cable eases from daily highs, trading sub-1.2085 resistance

 

 

Cable is under heavy bearish pressure as the market hit a new multi-month lows at the 1.2015 level this Monday.

 

 

GBP/USD is trading below its main simple moving averages (SMAs), suggesting a negative bias in the medium term. The market failed to recover above the 1.2085 resistance. Bulls will have lots of resistance to overcome if they intend to create a meaningful recovery. They need to overcome the 1.2085 and 1.2116 resistances, followed by the 1.2135 and 1.2154 levels. 

 

 

 

 

Cable is rejecting the current daily high near the 1.2100 figure and the 50 SMA. Bears want to break below 1.2060 and 1.2036 levels to reach 1.2003 on the way down, according to the Technical Confluences Indicator.