GBPUSD intraday technical analysis - 11/12/2018

GBPUSD

1.25701 / 1.25711

SUMMARY

Down

TREND

Downward penetration

SENTIMENT

Bearish

VOLATILITY

Medium

MARKET ANALYSIS

Upwards scenario: Downtrend formation remains strong on the medium-term perspective, however upside progress is possible today. Loss of resistance at 1.2610 (R1) is required to open path towards to higher target at 1.2678 (R2) and then final aim is seen at 1.2751 (R3) today.
Downwards scenario: Current downside extension is limited now to the key support level at 1.2506 (S1). Break here is required to open a route towards to lower aim at 1.2455 (S2) and then any further market weakening would be targeting final support at 1.2395 (S3).

Resistance levels: 1.2610, 1.2678, 1.2751

Support levels: 1.2506, 1.2455, 1.2395