GBP/USD records slight losses at 1.2200 as bulls pause at the monthly high before the important UK data on early Friday.
The slow MACD indications and the RSI’s (14) decline from the virtually overbought zone may also be teasers for the GBP/USD bearish.
The 200-SMA and an ascending trend line from January 6, which are located at 1.2140 and 1.2115, respectively, prove to be difficult not to cracks for the GBP/USD pair sellers.
After that, a decline in price approaching the current monthly low of 1.1841 can’t be ruled out.
It’s important to remember that a decline over 1.1841 on the GBP/USD will confirm the “double peaks” and, potentially, suggest a run south to 1.1440.
The bearish chart pattern will be defied by an upward clearing of the 1.2250 level, which would then lead to GBP/USD purchasers near the 1.2445–50 region of the last monthly high.
