In recent times, the GBP/USD currency pair has encountered robust support at the 200-day Simple Moving Average (SMA), hinting at a potential consolidation phase ahead. Despite the bearish pressures, the pair exhibits signs of stability at this pivotal technical level. Additionally, some analysts believe that given the current market dynamics, GBP/USD might continue its trading range in the short term. Currently, the 1.2430 level acts as a notable resistance, with 1.2300 serving as the immediate support.