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  • GBP/USD starts the week quietly, trading around the 1.2300 handle.
  • The level to beat for bears is at the 1.2275 support.  
 

GBP/USD daily chart

 
 
The Sterling is trading in a bear trend below its 100 and 200-day simple moving averages (DSMAs). At the start of the week, the market is trapped between the 50 SMA at 1.2254 and the 1.2400 figure.  
 
 

GBP/USD four-hour chart

 
GBP/USD is trading near the 50 and 200 SMA while the market is trading in a tight trading range. Sellers need a break below1.2305/1.2275 to drive the market towards 1.2224 support level, according to the Technical Confluences Indicator.
 

GBP/USD 30-minute  

 
The Pound/US Dollar exchange rate is ranging within the range of the last two days. Immediate resistances are seen at the 1.2326/1.2360 levels. Further up lie 1.2412 resistance, according to the Technical Confluences Indicator.
 
 

Additional key levels