GBP/USD technical analysis: Cable hits a new 2019 low at 1.2376 as the week comes to an end

• GBP/USD hit a new 2019 low following the release of the better-than-expected US GDP data.
• The levels to beat for bears are seen at 1.2388 and 1.2340, according to the Technical Confluences Indicator.

GBP/USD daily chart

Cable hit a new 2019 low while trading below the main daily simple moving averages (DSMAs). Earlier in the New York session, the US Gross Domestic Product (GDP) Annualized Q2 came in above expectations at 2.1% vs. 1.8% forecasts.

GBP/USD 4-hour chart

GBP/USD is challenging the 1.2388 support near the 2019 low. Bears want to reach 1.2340 and 1.2300 on the way down. Resistances are seen near 1.2435 and 1.2480, according to the Technical Confluences Indicator.

Additional key levels