- On offers for the second straight session amid resurgent USD demand.
- A sustained break below 1.2400 handle to open room for a further slide.
The GBP/USD pair remained under some selling pressure for the second consecutive session on Monday and is currently placed at the lower end of its daily trading range, around the 1.2425-20 region.
The pair has now drifted below a confluence zone, comprising of 23.6% Fibo. level of the 1.1958-1.2583 recent upsurge and 200-hour SMA, which is closely followed by the 1.2400 round-figure mark.
With technical indicators on hourly charts holding in the bearish territory, failure to defend the mentioned handle might be seen as a key trigger for bearish traders and prompt some technical selling.
Bears might then target a move towards testing a previous strong resistance, now turned support near the 1.2350-45 region – also coinciding with 38.2% Fibo. level support – en-route the 1.2300 handle.
On the flip side, immediate resistance is now pegged near the 1.2460-65 horizontal zone, above which the pair is likely to make a fresh bullish attempt towards conquering the key 1.2500 psychological mark.
Any subsequent move might now confront fresh supply near the 1.2525 region, which if cleared seems to pave the way for the resumption of the recent bullish trajectory towards the 1.2600 handle.
GBP/USD 1-hourly chart
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