GBP/USD to regain traction if buyers continue to defend 1.23

GBP/USD has gone into a consolidation phase following Thursday's upsurge. Pound needs to defend 1.23 to regain traction, according to FXStreet’s Eren Sengezer.

Buyers to retain control if 1.23 stays intact

“In case cable manages to hold above 1.2300 (Fibonacci 50% retracement of the latest downtrend), it could climb toward 1.2370 (Fibonacci 61.8% retracement), 1.2420 (200-period SMA on the four-hour chart) and 1.2450 (100-period SMA).”

“On the downside, immediate support is located at 1.2300 before 1.2220 (Fibonacci 38.2% retracement) and 1.2170 (ascending trend line).”