GBP is losing momentum due to inflation data.
The support rests at 1.23790 with resistance at 1.24870 which the weekly pivot point at 1.24710 is located in between the lines. The EMA of 10 is moving with bearish bias and it has already passed the EMA of 100 but it is above the EMA of 200. The RSI is falling towards the oversold area, the Stochastic is moving in low ranges and the MACD indicator is in neutral territory. The ADX is not showing any clear signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
Short positions are recommended targeting 1.2350.

gbpusd analysis