The GBPUSD is stuck in a 200 pip range between the 1.2000 level as support and the 1.2200 level as resistance. From the current levels, the pair may head in any direction, but the bearish trend is still in place.
The GBPUSD retraces to the upside, but it consolidates between the 1.2400 level as support and the 1.2600 level with the 200 day EMA as resistance. The pair may break out in any direction, but a bullish breakout is possible.
The long legged doji is a sign of uncertainty with high volatility. That is what we are seeing on the GBPUSD daily chart. On the daily candle we can see that the priced dropped to the 1.2200 leve and then pulls back to the 1.2300 zone to consolidate again at that level.
The GBPUSD keeps surrounding the 1.2300 level with no clear direction. The pair may take off in any direction, but when it does, the momentum may accelerate significantly. The 1.2200 level may act as support and the 1.2400 level may act as resistance.
The GBPUSD is stuck, oscillating around the 1.2900 level without a clear direction. The bullish short-term trend is still in place, but the price may break in any direction above the 1.3000 level or below the 1.2800 level.