GBP/USD Price Analysis: Pound trading below the 1.2300 resistance vs. US dollar

 

 

GBP/USD is trading below the main SMAs on the daily chart suggesting a bearish bias as the market is rebounding mildly from 6-week lows. 

 

 

GBP/USD is having a reaction up although the spot is still trading below the 100 and 200 SMAs on the four-hour chart. The market is currently capped by the 1.2300 figure and the 50 SMA. Since the overall trend is down, bears can come back soon and try to drive prices below the 1.2200 level en route towards the 1.2100 level. On the other hand, a clear break beyond 1.2300 can yield further but limited advances. Resistances can be seen near 1.2400 and 1.2500 levels.