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According to Karen Jones, analyst at Commerzbank, GBP/USD has eroded the 20 day ma and is now back under pressure.

Key Quotes

“Attention is on the 1.2015 recent low and TD support at 1.1988. Below 1.1988 lies the 1.1491 3 rd October low (according to CQG). It remains on the defensive below the 55 day ma at 1.2357 – this protects the June high at 1.2784. Intraday rallies are indicated to terminate ahead of the 1.2142 20 day ma.”

“Only a rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).”