GBPUSD, H4 Lond

GBP/USD stays within the descending channel coming from late September and the Relative Strength Index (RSI) indicator on the 4-hour chart stays well below 50, reflecting the bearish bias. The 100-day Simple Moving Average (SMA) forms a strong support level at 1.2970. If this support fails, the mid-point of the descending channel could be seen as the next bearish target at 1.2930 before 1.2900 (round level).

On the upside, interim resistance is located at 1.3000 (round level, static level) before 1.3040 (upper limit of the channel) and 1.3100 (100-period SMA on the 4-hour chart).