GBP/USD Bearish with Stronger US Dollar, potential test to the 1.2391 Psychological level
The current price of GBP/USD reflects a short-term bearish downtrend, with the pair testing support levels at 1.2500.
Notably, the price is trading below both the 200 and 50-day moving averages, signifying a prevailing bearish market.
Scenario 1: Bullish Reversal
Should the price continue to rise, it may test the 1.2523 level and potentially reach higher levels around 1.2570. Further bullish momentum could lead to a test of the 1.2615 level, representing the topmost resistance in sight.
Scenario 2: Bearish Continuation
Conversely, the price might experience a bearish continuation, declining from its current levels. It could find support around the 1.2480 level, with potential stabilization near 1.2467. If this support level fails to hold, the price could move lower to test the 1.2428 and 1.2412 levels, with 1.2391 serving as a significant support level.
The short-term momentum for the pair currently resides in bearish territory, and the Relative Strength Index (RSI) indicates an oversold condition.
Key Levels to watch are 1.2467,1.2615,1.2523,1.2430,1.2673