In the wake of previous recovery attempts, GBP/USD turned south, slipping below 1.2100 in the latter half of Friday. The negative shift in risk sentiment amid escalating political tensions bolstered the US Dollar against its counterparts, impacting this pair adversely. The Relative Strength Index (RSI) on the 4-hour chart dipped to 40, indicating a short-term downtrend. The key level of significance for the pair stands at 1.2200 (psychological level, static level, 100-period Simple Moving Average (SMA), and 50-period SMA).
Upon confirmation of 1.2200 as support, GBP/USD could extend its recovery towards 1.2250 (20-period SMA) and 1.2300 (23.6% Fibonacci retracement of the recent downtrend). However, if GBP/USD fails to hold above 1.2200, sellers might express interest. On the flip side, temporary support appears to have formed around 1.2170 (static level) ahead of 1.2130 (static level) and 1.2100 (psychological level, static level).
Upon confirmation of 1.2200 as support, GBP/USD could extend its recovery towards 1.2250 (20-period SMA) and 1.2300 (23.6% Fibonacci retracement of the recent downtrend). However, if GBP/USD fails to hold above 1.2200, sellers might express interest. On the flip side, temporary support appears to have formed around 1.2170 (static level) ahead of 1.2130 (static level) and 1.2100 (psychological level, static level).
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