GBP/USD Price Forecast: Edges up, stabilizes near 1.2250

• Pound closes slightly below Tuesday's high, consolidating between 1.2210 and 1.2240.
• Resistance at 1.2299; above 1.2250 could extend gains to 1.2351.
• Break below 1.2200 may renew selling, targeting supports at 1.2136 and 1.2099.

The Pound Sterling posted modest gains on Wednesday after hit seesawing in a wide range of 1.2154 - 1.2306 during the day, yet stabilized at current exchange rates. At the time of writing, the GBP/USD trades at 1.2241, set to close below Tuesday’s high of 1.2249.

GBP/USD Price Forecast: Technical outlook

The GBP/USD downtrend remains in place, although it consolidated at around 1.2210 - 1.2240. During the session, buyers tested strong resistance at the April 22 low of 1.2299 before retreating beneath 1.2250. Should they hold to gains above the latter, they could challenge 1.2299 before targeting 1.2351, the January 2 swing low that turned resistance. Further upside is at 1.2400.

The downtrend could resume once sellers clear 1.2200. Once cleared, the next support would be the January 14 low of 1.2136, followed by the January 13 bottom of 1.2099.

GBP/USD Price Chart - Daily