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Pound under pressure, trading sub 1.300 figure

  • GBP/USD is challenging the lower end of its range.
  • The level to beat for bears is the 1.2977 support.

 

GBP/USD daily chart 

 

Following the October and December bull-market, GBP/USD is trading in a rectangle consolidation above the 100/200-day simple moving averages (SMAs).

 

GBP/USD four-hour chart

 

The pound is under pressure in the lower end of its range. Bears are attacking the 1.2977 support level as they likely intend to drive the price further down towards 1.2940 and the 1.2900 figure. Resistances are seen near the 1.3010, 1.3040 and 1.3085 levels, according to the Technical Confluences Indicator.

   

 

Resistance: 1.3010, 1.3040, 1.3085

Support: 1.2977, 1.2940, 1.2900

 

 

Additional key levels

 

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