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  • The Sterling rebounded from 2-weeks lows.
  • The market is trapped in a tight range near the 1.2340 level.
 
 

GBP/USD daily chart

 
 
The Sterling is trading in a downtrend below its 100 and 200-day simple moving averages (DSMAs). GBP/USD is virtually unchanged as the market enters the second part of the New York session.  
 

GBP/USD four-hour chart

 
 
GBP/USD is consolidating above the 1.2320 support while contained below the 1.2360 resistance and the 50 SMA. A break below 1.2320/1.2280 support zone can open the gates to the 1.2200 figure according to the Technical Confluences Indicator.
 

GBP/USD 30-minute  

 
The Pound/US Dollar exchange rate is seesawing below the 1.2360 level and the 50 SMA on the 30-minute chart. In the absence of a breakdown below 1.2320, the market could probe the 1.2360/80 resistance zone. If broken the next level is seen at 1.2415 on the way up.

Additional key levels