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GBP/USD trades on a stronger note near 1.2680 in Monday’s early European session.  The pair maintains the negative stance on the 4-hour chart, with the bearish RSI indicator.  The key resistance level will emerge in the 1.2680-1.2685 region; the initial support level is located at 1.2610.  The GBP/USD pair attracts some buyers around 1.2680 during the early European session on Monday. The decline of the Greenback after softer US Personal Consumption Expenditures (PCE) Price Index data creates a tailwind for the major pair. Investors will keep an eye on the US ISM Manufacturing PMI for June on Monday. The general election in the United Kingdom is scheduled for Thursday.  According to the 4-hour chart, the bearish outlook of GBP/USD remains intact as it holds below the key 100-period Exponential Moving Average (EMA). However, the Relative Strength Index (RSI) crosses above the 50-midline, indicating that further upside looks favorable.  The key resistance level for GBP/USD will emerge in the 1.2680-1.2685 zone, portraying the confluence of the upper boundary of the Bollinger Band and the 100-period EMA. A decisive break above this level will see a rally to 1.2700, the psychological level and a high of June 25. Further north, the next hurdle is seen at 1.2740, a high of June 19.  On the flip side, the initial support level for the major pair is located at 1.2610, the lower limit of the Bollinger Band. The additional downside filter to watch is 1.2583, a low of May 15. The next contention level is seen at 1.2502, a low of May 10.   GBP/USD 4-hour chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for…

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Filed under: News - @ July 1, 2024 7:24 am