GBPUSD is moving with weak momentum within the 20- and the 50-day simple moving averages (SMAs), indicating that a sideways move may be on the cards in the short-term timeframe. The recent outlook is also confirmed by the technical oscillators as the MACD is standing below its trigger line and near the zero level, while the RSI is flattening beneath the neutral threshold of 50.

Any bullish actions above the 20-day SMA could open the way for the next key levels such as the one-year peak of 1.2679, registered on May 10, before resting near the 1.2855 barrier, which is overlapping with the 200-weekly SMA.

In the negative scenario, a successful decline beneath the 50-day SMA could reach the 1.2350 support and even lower the 1.2270 barrier, which is also near the long-term ascending trend line. If the bears drive the market below the aforementioned line, they would test the 1.2000 psychological mark and the 200-day SMA around 1.1970.