With the expectations of another heavy stimulus announcement from the UK Chancellor Rishi Sunak, GBP/USD traders await fresh details to justify the oversold RSI. Should the pair fails to slip below 1.2195 support, comprising October lows, its bounces can aim for 61.8% Fibonacci retracement level of 1.2550. However, a confluence of 10-day and 200-day SMA close to 1.2700 will be the key upside barrier for the bulls to watch.
In a case where the bears dominate below 1.2195 support line, 1.2100 and 1.2015 can entertain the sellers ahead of pushing them towards 1.2000 and September 2019 low near 1.1955. It should also be noted that the UK employment data for February are also on the cards for release and may infuse additional volatility into the Cable.