The GBP/USD pair managed to gain some positive traction on the last trading day of the week to snap four consecutive days of losing streak. Nonetheless, from a technical perspective, bearish pressure is not gone in the opinion of FXStreet’s Haresh Menghani.
Key quotes
“The pair’s inability to capitalize on the recovery move and failure to find acceptance above 100-day SMA suggest that the near-term bearish pressure might still be far from being over.”
“Any subsequent move back above the 1.30 mark is likely to confront some heavy supply and remain capped near 50-day SMA, around the 1.3045-50 supply zone.”
“On the flip side, 1.2900 round figure mark now seems to act as immediate support, which if broken might force the pair to head back towards testing YTD lows, around mid-1.2800s. Some follow-through selling might now pave the way for an extension of the recent downfall towards testing sub-1.2800 levels
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