GBP/USD Price Analysis: Sterling Retreats Below 1.2800, Momentum Shifts
The GBP/USD pair faced a reversal in the North American session, falling 0.23% to trade below the 1.2800 mark. This marks the ninth consecutive day the pair has failed to close above this crucial level, despite recently reaching a three-month high.
Technical Outlook: GBP/USD Loses Momentum, Sellers Emerge
While buyers had previously pushed the GBP/USD to a multi-month peak, they've struggled to maintain momentum above 1.2800, leaving the pair vulnerable to a pullback. The Relative Strength Index (RSI) remains in bullish territory but is declining towards the neutral 50-midline. A decisive break below this level could signal further downside potential.
Key Support Levels to Watch:
- The recent cycle low of 1.2687, reached on June 10th.
- The confluence of the 100-day moving average (DMA) and the May 16th low at 1.2643.
- The 50-DMA at 1.2610.
If sellers maintain control, these support levels could be tested in the coming sessions. A breach of the 1.2687 low could accelerate the GBP/USD's downward trajectory.