GBPUSD is trending down
GBP/USD has risen sharply over the past three weeks, logging solid gains that have coincided with a shift in favor of riskier currencies at the expense of the broader U.S. dollar. After recent price developments, cable is flirting with overhead resistance at 1.2720, defined by the 61.8% Fib retracement of the July/October selloff. If the bulls manage to clear this ceiling, a rally potentially exceeding 1.2800 might unfold.
Conversely, if bullish impetus fades and sellers start to regain the upper hand, we may see a retrenchment towards 1.2590. GBP/USD could stabilize around this technical floor on a pullback before resuming its advance, but a break below the region could intensify bearish pressure, opening the door for a decline towards trendline support and the 200-day moving average slightly above 1.2460.
Conversely, if bullish impetus fades and sellers start to regain the upper hand, we may see a retrenchment towards 1.2590. GBP/USD could stabilize around this technical floor on a pullback before resuming its advance, but a break below the region could intensify bearish pressure, opening the door for a decline towards trendline support and the 200-day moving average slightly above 1.2460.
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