Anna 
During the Asian session on Monday, GBP/USD remained in a consolidation phase around the 1.2120 level, sustaining a bearish tone. The currency pair’s consolidation phase is largely attributed to the anticipation of two pivotal central bank meetings: the Federal Reserve policy meeting on Wednesday and the Bank of England meeting on Thursday.
Immediate support for GBP/USD may be found at the psychologically significant level of 1.2000. A decisive breach below this level could potentially pave the way for GBP/USD to approach the monthly lows situated around the 1.2037 mark.
On the upside, the key resistance level at 1.2200 looms ahead, followed closely by the 1.2150 level and the 14-exponential moving average positioned at 1.2162. A clear break above this range would likely test the 23.6% Fibonacci level, located at 1.2298.
While the MACD indicator persists below its midline, it remains positioned above its signal line. This configuration suggests a mild degree of momentum in GBP/USD.
Furthermore, GBP/USD appears to grapple with subdued momentum, as indicated by the 14-day Relative Strength Index. This technical indicator exhibits a discernible bearish inclination, with the 14-day RSI having slipped below the 50 level. This downward movement underscores the prevailing bearish momentum in the currency pair.
The coming days are poised to be of significant importance for GBP/USD, with market attention centered on the outcomes of the Federal Reserve and Bank of England meetings, which could potentially trigger notable fluctuations in the currency pair.
