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  • GBP/USD is under pressure in the lower end of its recent range.
  • The level to beat for bears is the 1.2938 support.
 

GBP/USD daily chart 

 
After the October and December bullish runs, the pound is trading in a rectangle consolidation above the 100/200-day simple moving averages (SMAs).
 

GBP/USD four-hour chart

 
GBP/USD is under selling pressure in the lower end of its recent range. Bears want a break below the 1.2938 support to reach the 1.2900 figure and the 1.2829 level. Resistance is seen at the 1.2972 level and 1.3000 figure, according to the Technical Confluences Indicator.
 
 
Resistance: 1.2972, 1.3000, 1.3040
Support: 1.2938, 1.2900, 1.2829
 
 

Additional key levels