- GBP/USD declines after struggling at 1.2700, following weak US housing data and strong USD.
- Technical outlook shows bearish momentum with an 'evening star' pattern and RSI indicating further downside.
- Key support levels are the 50-DMA at 1.2636, 1.2600, and 200-DMA at 1.2555.
- For a bullish reversal, GBP/USD needs to surpass 1.2700 and clear resistance at 1.2730/40.
The Pound Sterling lost ground versus the Greenback on Wednesday following the release of US housing data, which highlights the sector's weakness, yet the buck trades at around 8-week highs, as shown by the US Dollar Index (DXY). The GBP/USD trades at 1.2642, down 0.34%.
GBP/USD Price Analysis: Technical outlook
In Tuesday’s article, I wrote, “The pair formed a ‘bullish piercing’ pattern, hinting that traders could challenge the next resistance seen at 1.2700, yet buyers remain reluctant to lift the GBP/USD towards that level.”
The GBP/USD was unable to reach 1.2700 and has broken below Tuesday’s low of 1.2670, printing a new weekly low of 1.2627, after a three-candlestick chart pattern ‘evening star’ emerged.
Momentum supports sellers, as shown by the Relative Strength Index (RSI), which remains bearish and aims lower.
Therefore, the GBP/USD path of least resistance is downwards. It will face the next support level at the 50-DMA at 1.2636. Once that area is surpassed, the psychological 1.2600 mark will follow, ahead of the 200-DMA at 1.2555
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