GBP/USD rallied early on Tuesday, briefly reaching its highest point since March 21, but gains were short-lived as sellers quickly pushed the pair down from the psychological 1.2800 level, driving it towards 1.2755. If this ceiling holds in the near term, bulls may start bailing, creating the right conditions for a move toward 1.2700. Further weakness could shift focus to 1.2635.
Conversely, if buyers manage to reclaim dominance in the coming days and take out resistance at 1.2800, the upward momentum could intensify, propelling GBP/USD towards 1.2895 – the March peak. While overcoming this ceiling might be difficult, it is still feasible. On that note, upside clearance of this barrier could result in a rally towards the 1.3000 handle.
Conversely, if buyers manage to reclaim dominance in the coming days and take out resistance at 1.2800, the upward momentum could intensify, propelling GBP/USD towards 1.2895 – the March peak. While overcoming this ceiling might be difficult, it is still feasible. On that note, upside clearance of this barrier could result in a rally towards the 1.3000 handle.
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From a technical perspective, GBP/USD is receiving significant support around 1.2670, corresponding to the 50 EMA and close to the 38.2% Fibonacci retracement threshold of the uptrend from April. Further down will be the 1.2600 area, corresponding with the 200 EMA and the 50% Fibonacci retracement level.
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