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  • GBP/USD is pulling back down towards the 1.2400 figure. 
  • GBP/USD faces an important test at the 1.2400 level. 

GBP/USD daily chart

GBP/USD is consolidating in the 1.2200/1.2600 zone while trading below its main SMAs on the daily chart. An uptick on the greenback is weighing on the GBP/USD currency pair.

GBP/USD four-hour chart

GBP/USD correction down is approaching the 1.2400 figure while the spot is trading below the 50/100 SMAs but still above the 200 SMA on the four-hour chart. The bulls will attempt to support the market near current levels in order to regain the 1.2500 figure one more time. However, a daily close below the 1.2400 figure can lead to further weakness towards the 1.2300 level. Resistance should emerge near the 1.2500 figure. 
Resistance: 1.2500, 1.2600, 1.2700
Support: 1.2400, 1.2300, 1.2165

Additional key levels