GBP/USD saw an upward movement recently but struggled to maintain momentum, particularly evident in its failure to close above the 200-day SMA. Traders are advised to closely watch this indicator as it could signal a potential retest of resistance around the 1.0620 mark. Conversely, if selling pressure reemerges, the pair may find support within the 1.2515 to 1.2500 range. Bulls are striving to uphold prices above this threshold to stave off further declines, with a breach potentially leading to a downside towards 1.2430, followed by a deeper plunge towards the 1.2300 handle. These fluctuations reflect a blend of technical dynamics such as SMA resistance and support levels, alongside broader market sentiments and macroeconomic trends influencing GBP/USD.

Amidst recent fluctuations, GBP/USD's trajectory has been marked by a struggle to sustain upward momentum, notably failing to surpass the 200-day SMA. Traders are keeping a vigilant eye on this metric as it may hint at a possible push towards resistance at 1.0620. Conversely, if bearish sentiment prevails, the pair could find solace within the 1.2515 to 1.2500 range, where bulls aim to maintain a foothold to avert further downturns. A breach of this support zone could pave the way for a decline towards 1.2430, followed by a potential plunge towards the 1.2300 level. These intricate price movements are influenced not only by technical factors such as SMA resistance and support but also by broader market sentiments and macroeconomic trends impacting the GBP/USD exchange rate.