GBP was under pressure due to Bank of England’s lower rates.
The support rests at 1.22130 with resistance at 1.23000 which both lines are above the weekly pivot point at 1.21800. The EMA of 10 is moving horizontally in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is rising towards overbought area, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
The resistance level breakout will push the price up towards 1.23500; otherwise GBPUSD will be completing the correction pattern by falling towards level 61.8 of Fibonacci at 1.21800.
