December 24, OctaFX – The British pound remains under downside pressure against the greenback on Monday, as buyers continue to struggle to break the 1.2700 resistance level.
GBPUSD Technical Forecast
A clear break from the 1.2600 to 1.2700 price range is currently needed for a near-term directional bias to be established. The MACD indicator on the daily time frame is signalling that a short-term recovery is still underway.
- The GBPUSD pair is only bullish while trading above the 1.2700 level, buyers may then test towards the 1.2770 and 1.2850 levels.
- If the GBPUSD pair continues to trade below the 1.2660 level, sellers will likely test the 1.2625 and 1.2560 support levels.
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