GBPUSD had been in a recovery mode following its bounce off the five-month bottom of 1.2298, with the price temporarily violating the 200-day simple moving average (SMA). However, the pair retraced back below the downward sloping trendline, in place since March, after failing to conquer the 50-day SMA. Should bearish pressures persist, the price may retreat towards the April support of 1.2405. Further declines could then cease at the five-month low of 1.2298. Dipping beneath that area, the price may face the November 2023 support of 1.2186. On the flipside, if buyers re-emerge and push the price back above the ... (full story)