The pound is rangebound between ?1.2085 and ?1.2242. Although, both indicators have now turned negative.

From a technical overview, the pound is currently trading at around £1.2131 against the dollar. It is struggling to find a course of direction and on the 1 hourly timeframe, it is rangebound between £1.2085 and £1.2242. Towards the downside, support levels sit at £1.2124 then at £1.2114 then at £1.2098. A break below these price levels could see the pound fall towards the key support level of £1.2085. Towards the upside, resistance sits at £1.2147 then at ££1.2158 then at £1.2163 (just below the upper green trendline of the triangle). A break above these levels may see the pound head back towards that peak level of £1.2242. Looking at the technical indicators, MACD has turned negative and RSI is faltering as it now reads 42.