- The GBP/USD pair is consolidating losses after hitting levels not seen since November 2019.
- The level the bears need to break is the 1.2824 support.
GBP/USD daily chart
After a strong rally in October and December, the GBP/USD pair is trading in a rectangle consolidation above the 200-day simple moving averages (SMAs).
GBP/USD 4 hour chart
The GBP/USD pair is consolidating losses after hitting levels not seen since November 2019. Although the sterling has room for a higher correction, the pair remains relatively weak, especially on the break below the 1.2824 support level. Downside targets can be seen near the 1.2757 and 1.2731 levels. On the flip side, bullish attempts may find resistance near the 1.2918, 1.2958 and 1.3000 levels, according to the Technical Confluences Indicator.
Resistance: 1.2918, 1.2958, 1.3000
Support: 1.2824, 1.2757, 1.2731