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GBP/USD is sitting just above the 1.22 level, confined in a range. The cable’s technical outlook is showing that bears are gaining ground, according to FXStreet’s analyst Yohay Elam.

Key quotes

“GBP/USD has slipped below the 50 Simple Moving Average on the four-hour chart after battling it for several days. Upside momentum has all but disappeared and downtrend resistance is looming.” 

“Support awaits at 1.2185, which was a slow point earlier this week, followed by 1.2165, a former double bottom.” 

“Looking up, resistance is at 1.2250, a high point on Thursday, and a support line in April. The next cap is 1.23, the weekly high.”