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

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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