From a technical point of view, on a daily chart, GBP/USD stands below its strong horizontal resistance at 1.2745 and remains capped by its declining 50-day moving average (in blue). The daily RSI stands within its selling area between 50 and 30. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.2745. The nearest support would be set at previous overlap at 1.1950 and a second one would be set at set at Mar. 19 bottom at 1.1405 in extension.
Source: TradingView, GAIN Capital