GBP/USD Is Struggling Below $1.2250 – Quick Sell Trade Is In Place
[[GBP/USD]] falls slightly at 1.2200 as bulls pause at the monthly high ahead of critical UK data on Friday morning. As a result, the Cable pair consolidates its largest weekly gain in six weeks while also publishing the double-top bearish chart pattern on the four-hour chart. Also, the GBP/USD bears may be taunted by the slow MACD signals and the RSI pullback from the almost-overbought area.
Nevertheless, the 200-SMA and an upward-sloping trend line from January 06, located between 1.2140 and 1.2115, appear to be difficult nuts to crack for GBP/USD sellers.
Following that, a drop toward the monthly low of 1.1841 is not out of the question. It’s worth noting that a GBP/USD drop below 1.1841 will confirm the “double peaks” and presumably suggest a run south to 1.1440.
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