GBPUSD (1H) - intraday bearish bias
The cable has met stiff selling pressures near the daily resistance of 1.2570. We can expect longs to take some money off the table as the price failed to rally higher and that the RSI showed an over-bought situation. The question now is where the pull back will stop. 1.2475 is a short-term support line that coincides with the rising trend line and buyers could be awaiting at this area of congestion.
Key support: 1.2475/1.2440
Key resistance: 1.2570/1.2600
The cable has met stiff selling pressures near the daily resistance of 1.2570. We can expect longs to take some money off the table as the price failed to rally higher and that the RSI showed an over-bought situation. The question now is where the pull back will stop. 1.2475 is a short-term support line that coincides with the rising trend line and buyers could be awaiting at this area of congestion.
Key support: 1.2475/1.2440
Key resistance: 1.2570/1.2600