The British Pound demonstrated its resilience against the Greenback on Tuesday, maintaining its gains as traders in the UK and the US returned after a long weekend.
GBP/USD maintains gains at 1.2786, up 0.14% from daily high. Resistance trendline and overbought RSI hint at potential correction. Short-term bearish engulfing pattern signals possible downward pressure. The GBP/USD is currently trading at 1.2786, showing a steady increase of 0.14% from its daily high of 1.2800. GBP/USD Price Analysis: Technical outlook The GBP/USD tested the 1.
Additionally, bullish momentum is fading as the Relative Strength Index aims toward the 50 midline, which, once crossed, could exert downward pressure on the major. Key support levels lie at the current day’s low of1.2762, followed by the confluence of the 50-simple moving average at 1.2759, followed by the confluence of the100-SMA and the S1 pivot point at around 1.2736/39, ahead of the 200-SMA at 1.2716. Conversely, if buyers stepped in and pushed prices above 1.
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