GBP/USD Daily Chart with Pivot Points (1.3200, 1.2900 & 1.2750)

Key Support Levels: 1.2407, 1.2072

Key Resistance Levels: 1.2882, 1.3094, 1.3252

Weekly Bias: Range or some correction before another leg down
Technical Analysis: The pound has fallen sharply in the last few sessions and it is now trading at 1.2407 levels. The pair is currently trading below its 20-day moving average (MA) which indicates that the downtrend is likely to continue for a while. Meanwhile, the relative strength index (RSI) of GBP/USD pair has also moved below the 80 level which suggests that bears are in control of this market now.But for now, the relative strength index (RSI) of GBP/USD pair is in oversold area so some correction can not be ruled out.Only a break below 1.2407 will reject this bullish view.



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