GBP/USD Price Analysis: Pound trading near three-month lows, challenges 1.2900 figure

 

 

Following the October and December bull-run, GBP/USD is trading in a rectangle consolidation above its 200-day simple moving averages (SMAs).

 

 

GBP/USD is consolidating losses after hitting levels not seen since November 2019. Although the pound as scope for a correction higher the currency pair remains relatively weak, especially on a break below the 1.2824 support. Downside targets can be seen near the 1.2757 and 1.2731 levels. On the flip side, bullish attempts might find resistance near the 1.2918, 1.2958 and 1.3000 levels, according to the Technical Confluences Indicator.