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GBP/USD Price Analysis: Subdued hovers around 1.2900
By TradeRadius | Mon, 22 Jul 2024 16:32:28 UTC
The Pound Sterling begins the week virtually flat against the Greenback on Monday, trading at around 1.2910 after hitting a daily high of 1.2942.
Over the weekend, political developments in the US saw President Joe Biden drop out of the presidential race and endorse Vice-President Kamala Harris. The effects are pending to be felt by the Forex markets, though Wall Street recovers ground.
GBP/USD Price Analysis: Technical outlook
From a technical standpoint, the GBP/USD consolidates after rallying from 1.2600 to 1.3000 during the last three weeks. Nevertheless, the pair pulled back from recent highs and faced solid support at 1.2894, and the March 8 peak turned support.
Momentum suggests buyers had stepped in, capping the GBP/USD drop. The Relative Strength Index (RSI) stays in bullish territory, though market participants remain undecisive about lifting the Pound or letting it slide for a deeper correction.
For a bullish continuation, buyers must reclaim the 1.2950 psychological figure before testing the July 17 high at 1.3044. Once cleared, the next supply zone to encounter would be last year’s high at 1.3142.
Conversely, if GBP/USD tumbles under 1.2900, the first support would be the June 12 high turned support at 1.2860. Once surpassed, further downside lies ahead, like the March 21 high at 1.2803, before aiming toward the 50-day moving average (DMA) at 1.2757.
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