GBPUSD - Top Down Analysis

Starting with the 4hr chart above, price action made a strong push to the upside following this morning's weaker than expected US economic data. Currently price action is struggling to break and hold above the level of resistance. If we manage to break higher, expect the 200 SMA to act as potential resistance.

Let's now take a look at the daily timeframe

== DAILY ==

With the daily chart, if price action holds above this level of resistance, it wouldn't be much a surprise to see this pair climb up to where I mentioned my first bullish target around 1.2230. A break higher would expose 1.2630 for the next level of resistance hence why I have my second target there.

Lastly, let's take a look at the weekly view.

== WEEKLY ==

With the weekly chart, we can see RSI is managing to hold above 30 indicating a lack of the bearish strength. This pair is also narrowing in on 2 year lows which could act as a strong support level.