GBP/USD: Bears are at the helm

GBP/USD is setting lower lows and lower highs – a bearish trend as the late May's daily chart is showing bears are in control, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“The cable has failed to break above the 50-day Simple Moving Average. While downside momentum is minor, the GBP/USD pair trades below the 100 and 200-day SMAs.” 

“Initial support awaits at 1.2165, which cushioned the currency pair twice in recent months. The May low of 1.2085 is the next level to watch.”

“Resistance is at 1.2250, a former double-bottom, followed by 1.23, a round number that was a high point in mid-May.”