GBP/USD Price Analysis: Holds position below the major level of 1.2650

GBP/USD attempts to continue gaining ground, advancing to near 1.2640 during the Asian trading hours on Tuesday.

GBP/USD could meet the immediate barrier at 23.6% Fibonacci and a major level of 1.2650. Technical analysis suggests a confirmation of a bearish momentum for the pair. The key support could be met around the psychological support level of 1.2600. The pair could meet the immediate resistance at 23.6% Fibonacci retracement and a major level at1.2650. A breakthrough above the latter could exert upward support for the GBP/USD pair to test the 50-day Exponential Moving Average at 1.2681.

The technical analysis of the GBP/USD pair shows that the 14-day Relative Strength Index is positioned below 50. This indicates a bearish trend for the GBP/USD pair. However, the Moving Average Convergence Divergence , a lagging indicator, suggestsa bearish confirmation for the pair. The MACD line is situated below the centerline but shows divergence below the signal line. On the downside, the GBP/USD pair may test the psychological support level of 1.2600.

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