#GBPUSD @ 1.20079 is resisted by 1.2050 currently in a bearish bias on the charts.
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- GBP/USD is resisted by 1.2050 currently in a bearish bias on the charts.
- Bears seek a break of 1.2000 top open risks of significant downside in the coming sessions.
GBP/USD extended losses after remarks from Bank of England Governor Andrew Bailey. Speaking at a cost of living conference in London, Bailey said he would caution against suggesting the BOE is finished raising rates or that it will need to deliver more increases. Cable is techcniually coiled as well which the following technical analysis illustrates offering a bearish bias for the pair.
Bears are looking for a break of the structure near 1.1900 to open a run towards 1.1650 as per the daily chart above while the price is at least below trendline resistance and capped by 1.2200 highs.
We have the resistance structure at 1.2050 currently and a break below 1.2000 could be the catalyst for a sharp move to the downside in the coming sessions.
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