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Due to the empty macroeconomic calendar, the pound mostly moved horizontally yesterday. However, by the close of the North American session, it seemed that market participants had remembered that the currency was overbought and pushed it down. In many ways, that happened both due to purely technical factors and the existing market disposition. In fact, the situation is unlikely to change today. The macroeconomic calendar will still be empty, and the sterling will remain overbought. In other words, market participants will still be guided by purely technical factors, which, together with the overbought pound, may well lead to a further decline in price. At the same time, if the fall happened, it is likely to be a modest one.
The GBP/USD pair pulled back from the swing high and broke through the support level of 1.2150. Consequently, a reversal took place. The current pullback may transform into a full-fledged correction.
When breaking through 1.2150 on the H4 chart, the RSI crossed line 50 to the downside. This signal indicates an increase in selling volumes. On the daily chart, the indicator is moving up in the range of 50/70.
The Alligator's MAs are intertwined on the H4 chart, which confirms a reversal intraday. On the daily chart, the Alligator is moving up, signaling bullish sentiment in the medium term.
Outlook
Consolidation below 1.2150 may lead to a fall in the pound to the psychological level of 1.2000. This seems to be a corrective movement, which does not violate the bullish cycle from the low.
Alternatively, if the price comes to a standstill near 1.2150, the bullish impulse will come to an end. Meanwhile, the quote will stay firm above 1.2200 on the daily chart.
In terms of complex indicator analysis, the ongoing correction generates a buy signal for short-term and intraday.
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