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GBP/USD technical analysis: Multiple descending trend-lines favor bears


Wednesday, 29 May 2019 13:25 WIB

CurrencyGBP/USD


c_740_198_16777215_00_images_assets_CURRENCY2_Dollar_Pound_Euro.jpg

The GBP/USD pair registers sustained trading beneath near-term resistance-lines as it clings to 1.2660 during early Wednesday.

While a fortnight old descending trend-line can turn down immediate upside attempts at 1.2715, nearly four-week-long downward sloping resistance-line at 1.2770 may restrict pair's further rise.

If buyers manage to conquer 1.2770, 50% Fibonacci retracement near 1.2890, followed by 1.2980 and 1.3000 can become their next targets.

On the flipside, 1.2600 acts as nearby support, a break of should exert more downside pressure on the quote towards 1.2480.

Also, pair's declines under 1.2480 might not refrain from challenging 1.2430 rest-point comprising lows of the present year.

Source : FXstreet


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