GBP/USD has failed to build on Thursday's modest recovery gains. As FXStreet’s Eren Sengezer notes, 1.2050 aligns as next bearish target amid risk aversion.

Cable remains technically bearish

“Investors continue to stay away from risk-sensitive assets ahead of the weekend.”

“On the downside, 1.2100 (static level, psychological level) aligns as immediate support. With a four-hour close below that level, additional losses toward 1.2050 (static level) and 1.2000 (psychological level) could be witnessed.”

“First resistance is located at 1.2120 (Fibonacci 23.6% retracement of the latest downtrend) ahead of 1.2170 (static level, 20-period SMA) and 1.2200 (Fibonacci 38.2% retracement).”

See: GBP/USD to retest the 1.1950 on a break under 1.21 – ING