GBP/USD Daily Chart: Bullish Bias Above 1.2230.

Pivot: 1.2230

Preference: long positions above 1.2230 with targets at 1.2750 & 1.3075 in extension.

Alternative scenario: below 1.2230 look for further downside with 1.1975 & 1.1670 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
1.3440 ***
1.3075 *
1.2750 ***
1.2470 Last
1.2230 ***
1.1975 ***
1.1670 *