GBP/USD technical analysis: Cable under heavy pressure near 2-year lows

• GBP/USD is under strong selling pressure below 1.2470 resistance
• The main supports on the way down can be seen near the 1.2385 and 1.2340 levels.

GBP/USD daily chart

GBP/USD is in a bear trend below its main daily simple moving averages (DSMAs). The market is hovering near 2-year lows.

GBP/USD 4-hour chart

GBP/USD is consolidating below 1.2540 resistance and its main SMAs. Sellers need to break below 1.2430 to reach 1.2385 and 1.2340 to the downside according to the Technical Confluences Indicator. 

GBP/USD 30-minute chart

GBP/USD is under heavy selling pressure below the main SMAs. Immediate resistances are seen at 1.2470 and 1.2505, according to the Technical Confluences Indicator.

Additional key levels