- GBP/USD has been under strong selling pressure in the last weeks.
- GBP/USD downside pressure is weakening suggesting that a reversal up above 1.2700 can be on the cards.
GBP/USD daily chart
GBP/USD has been stabilizing above the 1.2600 figure while trading below its main simple moving averages (SMAs).
GBP/USD 4-hour chart
The market is trading below its main SMAs suggesting bearish momentum in the medium term.
GBP/USD 30-minute chart
GBP/USD is rebounding from the current weekly low as the bulls are challenging the 50 SMA. The market is likely attempting to form a bottom above the 1.2600 figure but it remains unclear when the bulls will show up. A break above 1.2700 should lead to an acceleration to 1.2750. On the flip side, a break below 1.2600 the figure on a daily closing basis could potentially open the doors to a new bear leg to the downside.
Additional key levels
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