GBP/USD technical analysis: Cable challenging weekly lows near 1.2670 support

• GBP/USD is challenging the weekly lows below the 1.2700 figure.
• The level to beat for bears is 1.2670 support.

GBP/USD daily chart

GBP/USD is in a bear trend below its main daily simple moving averages (DSMAs). The market is challenging the weekly low below the 1.2700 figure.

GBP/USD 4-hour chart

Cable is trading just below the 200 SMA suggesting potential weakness in the medium term. The level to beat for bears is 1.2659 support. If broken 1.2603 can become the next target for sellers, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

GBP/USD is challenging 1.2670 support while below its main SMAs suggesting a potential correction down in the near term. Resistances are seen at 1.2706, 1.2750 and 1.2800 levels according to the Technical Confluences Indicator.

Additional key levels