GBP/USD Price Analysis: Pound trades in 5-week lows near 1.2200 figure, bearish

 

 

GBP/USD is trading below its main SMAs on the daily chart suggesting a bearish bias as the market is under selling pressure in 5-week lows. 

 

 

 

GBP/USD is declining below the main SMAs on the four-hour chart as the bears are nearing the 1.2200 figure. As bears remain in control GBP/USD is seen continuing declining and reach the 1.2100 and 1.1950 levels in the medium-term. Occasional bullish attempts should find resistance near 1.2300 and 1.2400 levels.