GBPUSD losing momentum
The British pound is struggling to move higher against the US dollar after the pair found strong resistance from the 1.2750 technical area. GBPUSD sellers need to perform a daily price close under the 1.2685 level to change the short-term balance of power. To the upside, a breakout above the 1.2780 level could see the GBPUSD pair rallying towards the 1.2840 technical area.
- If the GBPUSD pair trades above the 1.2685 level, key resistance is found at the 1.2780 and 1.2840 levels.
- The GBPUSD pair is only bearish while trading below the 1.2685 level, key support is found at the 1.2640 and 1.2500 levels.