GBP/USD technical analysis: Cable looking at the daily high near 1.2380 level

• The Sterling is rebounding from 2-weeks lows.
• The level to beat for bulls is the 1.2380 resistance.

GBP/USD daily chart

The Pound is trading in a downtrend below the 100 and 200-day simple moving averages (SMAs).

GBP/USD four-hour chart

GBP/USD rebounded from the 1.2320 support and is now challenging the 1.2360 resistance and the 50 SMA. A break above this level should lift spot to the 1.2380 level near the daily highs. If the bulls surpass this level, 1.2415 resistance is most likely on the cards.

 Additional key levels