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19 Dec 2019
GBP/USD Price Analysis: Pound vulnerable, eyeing the 1.2900 handle
- The sterling is under bearish pressure in the New York session.
- The level to beat for sellers is the 1.3060 support.
GBP/USD daily chart
The cable is pulling back down sharply from 17-month highs while completely erasing the UK election spike. On Tuesday, GBP/USD recorded its worst intraday decline since November 2018.
GBP/USD four-hour chart
The spot is under bearish pressure below 1.3061 resistance and the 50/100 SMAs on the four-hour chart. Bears are probably looking for a breakdown below the 1.3025 support. If they are successful, the market can continue to weaken further towards 1.2939 and the 1.2900 handle. Meanwhile, resistances can be located near 1.3061, 1.3022 and 1.3190 levels, according to the Technical Confluences Indicator.
Additional key levels