GBP/USD Price Analysis: Pound approaching the May’s lows, trading sub-1.2200 figure

GBP/USD is trading below its main SMAs on the daily chart suggesting a bearish bias as the market is on track to a three-day losing streak.  |  22/05/2020 17:59
  • GBP/USD is on track to end the week below the 1.2200 figure. 
  • The level to beat for bears is the 1.2150 support. 
 

GBP/USD daily chart

 
GBP/USD is trading below its main SMAs on the daily chart suggesting a bearish bias as the market is on track to a three-day losing streak.
 

GBP/USD four-hour chart

 
GBP/USD is trading below the main SMAs on the four-hour chart suggesting a bearish bias in the medium-term. As the market is printing lower lows and lower highs the bears should remain in control with a potential break below the 1.2150 support en route towards the 1.2100 and 1.1950 levels. On the other hand, occasional bullish attempts should find resistance near the 1.2300 and 1.2400 levels initially.
 
 
 
Resistance: 1.2300, 1.2400, 1.2500
Support: 1.2200, 1.2100, 1.1955
 
  

Additional key levels

 

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