GBP/USD Crossing Swords with Technical Confluence!
Technically, however, we are at an interesting juncture on the daily chart, with notable technical support aided by the Relative Strength Index (RSI) testing oversold space. As evident from the chart below, price is testing support made up of an ascending line, taken from the low of $1.2037, channel support, drawn from the low of $1.2513, a 100% projection ratio at $1.2331 (AB=CD support) and a 78.6% Fibonacci retracement ratio at $1.2339. If we shatter this area of support, shorts are likely to take aim at the $1.2100 neighbourhood.
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