The pound has just fallen 0.25% against the dollar after the release of the US GDP data which came in stronger-than-expected.

The pound has just fallen 0.25% against the dollar after the release of the US GDP data which came in stronger-than-expected, strengthening the dollar. Currently sterling is trading at around £1.2603, it is floating around the support of £1.2606 (green trendline) on the 4-hourly timeframe. A close below this level could see the pound slide lower towards £1.2550. If the pound consolidates above this trendline then we would look at resistance sitting above at £1.2653 and then once again at £1.2667. Only a move and close above £1.2667 would indicate the possibility of further upside, Though the bias now remains negative. Looking at the technical indicators, MACD remains negative and so does the RSI as it reads 33.