GBP/USD risks are to the downside below 1.2330 - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained GBP/USD is waiting for a catalyst.

Key Quotes:

"The pound has been resilient to dollar's strength, the risk is towards the downside, and technical readings in the 4 hours chart support so, given that the price was unable to advance beyond a flat 200 EMA, while the 20 SMA gain further downward strength above the largest.

Furthermore, technical indicators in the mentioned time frame head nowhere within bearish territory, limiting chances of an upward move. Still, the pair needs to break below the strong static support area around 1.2330, to confirm a downward extension during the following sessions."