GBP/USD tests below 1.24 as Pound Sterling softens
Hello dear friends! Currently, on the GBP/USD market, efforts are being made to recover from the losses of the previous day. The pair is fluctuating around 1.2410 in the early trading hours today. This currency pair is experiencing downward pressure following better-than-expected economic data from the United States (US).
On the other hand, any further strength beyond the psychological level of 1.2500 can still be considered a selling opportunity and remains limited near the weekly high around 1.2545-1.2550 levels. However, sustained strength beyond that could trigger a short-term recovery and push GBP/USD towards 1.2600 levels. The next level will act as a key point, and if decisively broken, it will indicate that the downtrend has been established and pave way for some meaningful price increases in the short term.
On the other hand, any further strength beyond the psychological level of 1.2500 can still be considered a selling opportunity and remains limited near the weekly high around 1.2545-1.2550 levels. However, sustained strength beyond that could trigger a short-term recovery and push GBP/USD towards 1.2600 levels. The next level will act as a key point, and if decisively broken, it will indicate that the downtrend has been established and pave way for some meaningful price increases in the short term.
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