The US dollar continues riding the wave as GBP/USD closed in the red for the 7th week last week since the 17th of July.

Taking a look at the pound versus the US dollar. Currently, the forex pair is trading at around £1.2400. On the daily interval, we can see that the pair broke through the support of £1.2487 (green trendline) and has almost tested the support of £1.2368 (yellow) earlier today. Consolidation along the yellow trendline may see a bounce higher, testing £1.2487, which is now acting as resistance. A move above it would then require a breakthrough of £1.2548 to support the view that the bearish trend has come to an end. On the other hand, a break below £1.2368 could see the pound slide lower towards the major support level along the red trendline, or respectively, £1.2308. If we take a glance at the technical indicators, they continue to suggest that the bearish trend is still at play. With the MACD extending in the negative zone and the RSI reading 31. Although, the RSI is edging closer to the oversold territory.