The pound seems like it's shaping up for some potential upside over the next couple of days. Currently trading at around £1.2465 against the dollar.

Taking a quick look at the pound as it is shaping up for some potential upside over the next couple of days. Based on the 4-hourly timeframe, sterling is trading at around £1.2465 versus the dollar. Support below sits at £1.2431 (20&50-day moving averages) and then at £1.2417 (100-day MA). A break below the 100-day MA could see the pound slide further towards £1.2395 and then the key support at £1.2368. However, as the bias is bullish, minor resistance above sits at £1.2465 then at £1.2500. A move and close above £1.2500 may see a further stretch towards £1.2544. Looking at the technical indicators, MACD is neutral-positive and the RSI is positive as it reads 57.