GBP/USD found support around 1.2120, but the recovery faltered near the 1.2150 level. The US Dollar strengthens despite risk appetite, driven by the Federal Reserve's decision, supported by higher Treasury yields. The Relative Strength Index (RSI) on the 4-hour chart remains below 50, and GBP/USD closed the last 4-hour candle just below the 20-period Simple Moving Average (SMA), indicating the downtrend persists.
On the flip side, 1.2075 (a static level) is considered a temporary support before 1.2050 (the recent low point) and 1.2000 (a psychological level).
The 50-period SMA forms dynamic resistance at 1.2140, preceding 1.2180 (the 100-period SMA) and 1.2200 (the 23.6% Fibonacci retracement level, along with the 200-period SMA).
On the flip side, 1.2075 (a static level) is considered a temporary support before 1.2050 (the recent low point) and 1.2000 (a psychological level).
The 50-period SMA forms dynamic resistance at 1.2140, preceding 1.2180 (the 100-period SMA) and 1.2200 (the 23.6% Fibonacci retracement level, along with the 200-period SMA).
