The initial support level emerges near 1.2350
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GBP/USD trades on a weaker note around 1.2450 in Monday’s early European session. The pair keeps the positive view above the 100-period EMA with a bullish RSI indicator. The first upside barrier emerges in the 1.2500-1.2510 zone; the initial support level to watch is 1.2350. The GBP/USD pair remains under selling pressure near 1.2450 during the early European session on Monday. The renewed US Dollar (USD) demand amid the safe-have flows drags the major pair lower. According to the 4-hour chart, the bullish outlook of GBP/USD prevails as the major pair is above the key 100-period Exponential Moving Average (EMA). The upward momentum is reinforced by the Relative Strength Index (RSI), which stands above the midline around 64.70, indicating that further upside looks favorable. On the bright side, the immediate resistance level is seen at the 1.2500-1.2510 region, representing the psychological level and the upper boundary of the Bollinger Band. A decisive break above this level could pave the way to 1.2551, the high of January 6. The next upside barrier to watch is 1.2607, the high of December 30, 2024. On the downside, the crucial support level emerges at 1.2350, the 100-period EMA. A breach of the mentioned level could expose 1.2250, the lower limit of the Bollinger Band. Further south, The next contention level is located at 1.2160, the low of January 20. 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 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is…
Filed under: News - @ January 27, 2025 6:10 am