Despite Thursday's late rebound, GBP/USD trades within the descending regression channel and the Relative Strength Index (RSI) indicator on the 4-hour chart stays below 50, suggesting that the pair remains technically bearish.
1.2700 (mid-point of the channel) aligns as immediate support. Once that level is confirmed as resistance, sellers could target 1.2630 (lower limit of the channel) and 1.2600 next (static level, psychological level).
On the upside, 1.2750 (upper limit of the channel, 20-period Simple Moving Average) aligns as first resistance ahead of 1.2800 (Fibonacci 61.8% retracement of the latest uptrend) and 1.2830 (200-period SMA).
1.2700 (mid-point of the channel) aligns as immediate support. Once that level is confirmed as resistance, sellers could target 1.2630 (lower limit of the channel) and 1.2600 next (static level, psychological level).
On the upside, 1.2750 (upper limit of the channel, 20-period Simple Moving Average) aligns as first resistance ahead of 1.2800 (Fibonacci 61.8% retracement of the latest uptrend) and 1.2830 (200-period SMA).
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GBP has struggled over the past few weeks since retreating from recent highs. GBPUSD remains range-bound as market participants remain unclear on the Bank of England (BoE)'s future path.
