GBP/USD also climbed this past week, but the advance lacked impulse, with prices failing to close above the 200-day simple moving average. Traders should keep a close eye on this indicator in the coming days, bearing in mind that a decisive breakout could pave the way for a retest of confluence resistance near 1.0620.
On the flip side, if sellers return and propel cable lower, support stretches from 1.2515 to 1.2500. Bulls need to keep prices above this range to mitigate the risk of escalating selling pressure, which could potentially steer the pair towards 1.2430. Subsequent declines from this point forward could bring into consideration the 1.2300 handle.
On the flip side, if sellers return and propel cable lower, support stretches from 1.2515 to 1.2500. Bulls need to keep prices above this range to mitigate the risk of escalating selling pressure, which could potentially steer the pair towards 1.2430. Subsequent declines from this point forward could bring into consideration the 1.2300 handle.