The Relative Strength Index (RSI) indicator on the four-hour chart stays above 30, suggesting that GBP/USD has more room on the downside before turning technically oversold. 1.2050 (end-point of the latest downtrend) aligns as important support. A 4-hour close below that level could open the door for an extended slide toward 1.2000 (static level, psychological level).
Looking north, first resistance could be seen at 1.2100 (static level, psychological level) before 1.2150 (static level) and 1.2170-1.2180 (50-period Simple Moving Average (SMA), 100-period SMA).
Looking north, first resistance could be seen at 1.2100 (static level, psychological level) before 1.2150 (static level) and 1.2170-1.2180 (50-period Simple Moving Average (SMA), 100-period SMA).
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