Pound Sterling surges 0.40% after bouncing off weekly lows near 1.2654.
RSI indicates upward momentum, with buyers aiming for 1.2785 and 1.2800.
A drop below 1.2700 could test 100 and 200-DMAs, leading to 1.2600.
The Pound Sterling made a U-turn and surged during the North American session after falling shy of testing the 200-day moving average (DMA) at 1.2654, yet buyers stepped in and lifted the GBP/USD pair. At the time of writing, the major trades at 1.2744 gaining over 0.40%.
GBP/USD Price Forecast: Technical outlook
The GBP/USD bounced off the weekly lows, yet it’s not out of the woods. Momentum remains in the seller’s favor, but in the near term, buyers are in charge. The Relative Strength Index (RSI) remains below the 50-neutral line, but it’s aiming upwards.
For a bullish resumption, buyers need to reclaim the 50-DMA at 1.2785, followed by the 1.2800 figure. Once surpassed, the next stop would be the July 29 peak at 1.2888 before challenging 1.2900.
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