GBP/USD - GBP/USD Retested 1.2515 - Target Locked - 01/31/2017 (GMT)

The GBP/USD pair continues its downward pullback after the bounce off the 1.2670 resistance barrier and reached our suggested target at 1.2515 support level (see technical analysis here: http://bit.ly/2kbtISj). Sterling is still performed well enough against the U.S. dollar this month as it rose more than 1.3% and is ready to print a positive month.

Currently, the price stuck above the 50-SMA on the 4-hour chart and failed to drop lower. So, if the price jumps above the 1.2515 obstacle, the pair will be exposes towards the 1.2600 psychological level. Otherwise, the cable will move south to 1.2415 handle which is near with the 50 and 100 SMAs on the daily chart and the first support of the pivot points. Going to the lower timeframe, technical indicators are moving lower within the negative path while MACD lies below its trigger line and RSI is pointing downwards.