Sterling has had a strong start in this morning's session, trading at around £1.2336 against the dollar. Support sits at £1.2274, whereas resistance at £1.2343.

The pound is trading at around £1.2336 against the dollar. Taking a look at the 4-hourly timeframe in this instance, from a technical aspect we can see that it has found support at £1.2274. Just above £1.2269, which corresponds with the lower Bollinger band. A break below this support level may see its price slide lower towards the key level at £1.2190.  Sterling has had a strong start in this morning’s session, now approaching the resistance sitting at £1.2343 (middle moving average of the Bollingers). A break and close above this level may see the forex pair head higher towards resistance points at £1.2361 then at £1.2393.  Currently, the indicators are suggesting a neutral approach. The MACD is negative but the RSI is neutral as it reads 52 and it’s rising.