GBPUSD is currently positioned within the 20- and 40-day simple moving averages (SMAs), which are pointing upwards. The current bias appears negative, as the MACD is holding below the zero level, while the RSI is sloping down in the negative territory.
Should weakness extend below the 1.2455 mark, support to downside movements could initially be detected within the 1.2070-1.2150 area, which encapsulates the two-year low. Clearing that zone, the next stop could be around 1.1420, a tested level since March 2020.
Alternatively, the pair needs to overcome the 40-day SMA and the 1.2670 top to meet a key barrier between the 1.2850 resistance. The 1.2970 barrier could act as a resistance too before a more important battle starts near 1.3165 and the 200-day SMA around the 1.3300 psychological level.
In the medium-term picture, the sentiment remains bearish, and only a successful increase beyond the 200-day SMA may switch the current outlook to positive.
All in all, GBPUSD currently maintains a bearish mode both in the short and the medium-term timeframes.