GBP/USD Price Analysis: Pound Sterling Holds Steady Below 1.2800 Resistance

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The Pound Sterling (GBP) maintains its strength against the US Dollar (USD), holding near its weekly highs but failing to decisively break above the 1.2800 resistance level. This consolidation follows a period of upward momentum for the pair, driven by recent interest rate cuts by major central banks and softer US jobs data.

Technical Outlook

The GBP/USD pair is currently trading at 1.2772, showing little change on the day. Technical indicators suggest a mixed outlook for the pair. While the Relative Strength Index (RSI) indicates bullish momentum, sellers are gaining traction, as evidenced by the downward trajectory of the RSI.

If the GBP/USD pair falls below the June 5 low of 1.2755, it could open the door for further downside, targeting the next cycle low at 1.2694. Conversely, a break above 1.2800 would pave the way for the pair to test the June 4 daily high of 1.2817 and potentially reach the year-to-date (YTD) high of 1.2893.


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