GBP/USD technical analysis: Cable consolidating recent losses just above the 1.2200 handle

 

 

 

On the daily chart, the Pound is trading in a downtrend below the main daily simple moving averages (DSMAs). The Sterling is weak as pessimism on pessimism over Brexit.

 

 

 

GBP/USD is under bearish pressure below its main SMAs on the four-hour chart. The spot is challenging the 1.2224/20 support zone. A breakdown below this level could expose the currency pair to further losses towards the 1.2114 price level, according to the Technical Confluences Indicator.

 

 

The Sterling is trading below its main SMAs, suggesting a downward bias in the short term. Immediate resistances are seen at 1.2253, 1.2276 and 1.2305 price levels, according to the Technical Confluences Indicator.