GBP/USD PRICE ANALYSIS: STRUGGLES AT 1.3000, DIVES BENEATH 1.2950
- GBP/USD down 0.14%, after failing to break 1.3000 level.
- Technical outlook shows upward bias, but RSI hints at profit booking.
- Key support at 1.2894, with resistance at 1.2995 and 1.3000, ahead of UK inflation data release.
The Pound Sterling begins the North American session on the backfoot and registers losses of 0.14% after failing to crack the 1.3000 figure. The lack of economic data from the United Kingdom boosted the Greenback, which was battered last week. The GBP/USD trades at 1.2946 after hitting a daily high of 1.2979.
GBP/USD Price Analysis: Technical outlook
From a daily chart perspective, the GBP/USD remains upward biased as price action has registered successive series of higher highs and higher lows, though the bullish momentum has slightly vanished. The Relative Strength Index (RSI) remains bullish, but exiting from overbought conditions triggered a sell signal, hinting that buyers are booking profits ahead of the release of UK inflation data on Wednesday.
If GBP/USD drops below the March 8 peak turned support at 1.2894, that would sponsor a leg down to challenge the June 12 high at 1.2860. Further losses are seen beneath those two levels, extending toward the 1.2800 figure, ahead of the 50-day moving average (DMA) at 1.2723
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