Although it increased slightly in the first trading session of the new week, GBP/USD fell back in the US session and is currently trading around 1.2590. The British pound is still being supported by the BoE's hawkish stance along with the fact that neither the UK nor the US have much important economic data this week.
On the daily chart, GBP/USD is still trading in a tight range from late November 2023 with the upper border at the December 28 high around 1.2819 and the lower border at 1.2492 . The pair's current resistance lies at the psychological level of 1.2600, beyond which is the recent peak at 1.2768.
On the downside, the price's nearest support lies at the uptrend line stretching back to September 2022 around 1.24569. Therefore, if the downward momentum continues to increase, this price range will soon come into focus.
On the daily chart, GBP/USD is still trading in a tight range from late November 2023 with the upper border at the December 28 high around 1.2819 and the lower border at 1.2492 . The pair's current resistance lies at the psychological level of 1.2600, beyond which is the recent peak at 1.2768.
On the downside, the price's nearest support lies at the uptrend line stretching back to September 2022 around 1.24569. Therefore, if the downward momentum continues to increase, this price range will soon come into focus.
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TP1: 1.2603
TP2: 1.2620
SL: 1.2500