GBP/USD has been losing some ground as the US dollar advanced, and its path to the upside may now be blocked.
The Technical Confluences Indicator is showing that the pound faces fierce resistance at the area between 1.2835 to 1.2848, which is a dense cluster of levels including the Bollinger Band one-hour Middle, the Simple Moving Average 100-15m, the SMA 200-15m, the SMA 50-1h, the SMA 10-4h, the Fibonacci 38.2% one-day, the Fibonacci 38.2% one-week, the Fibonacci 61.8% one-day, the BB 4h-Middle, the SMA 5-one-day, and more.
Higher, the next cap is close. At 1.2881, Cable may meet the Fibonacci 61.8% one-week and the Bollinger Band one-day Middle.
Looking down, support awaits at 1.2722, which is the confluence of the Pivot Point one-week Support 1 and the Fibonacci 38.2% one-month.