Today, the calendar is basically empty, with no releases to note.
Last week, the GBP/USD pair slumped and hit the level of 1.2450, around which the volume of short positions decreased. As a result, the pair stopped falling, and the market was initially stagnant after a pullback relative to the recent decline.
On the four-hour chart, the RSI upwardly crossed the 50 middle line, thus reflecting an increase in long positions in the British pound.
On the same time frame, the Alligator's MAs are pointing downwards, corresponding to the primary direction of the price. In case the pullback persists, the indicator may signal a crossover between the MA lines.
Outlook
Keeping the price above the level of 1.2500 could further increase the volume of long positions. In this case, the pound may gradually recover and move towards the level of 1.2700.
The bearish scenario will come into play if the price returns below the level of 1.2450.
In terms of the complex indicator analysis, we see that in the short-term and intraday periods, technical indicators are pointing to a retracement phase.
