GBP is under pressure due to UK’s gross domestic product.
The support rests at 1.23500 with resistance at 1.24220 which the weekly pivot point at 1.23980 is located in between the lines. The EMA of 10 is moving with bullish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving on level 50, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing sell signal.
The resistance level breakout will confirm the correction pattern towards level 61.8 of Fibonacci at 1.26000; otherwise, GBPUSD will target 1.22600.