The GBP/USD pair continued pulling back because of the strong US dollar.
On the 4H chart, the pair moved below the 23.6% Fibonacci Retracement level. It moved below the 50-period moving average.
The price is a few points above 1.1967, the lowest point on February 7. Oscillators like MACD and the Relative Strength Index have continued pulling back. Therefore, the pair will likely continue falling, with the next key support level being at 1.1845, which is about 1.65% below the current level. This price is also a few points above the 50% Fibonacci Retracement level.
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