GBP/USD remains redundant between 1.2455/75 area following its U-turn from 1.2530. A bearish candlestick formation below 21-day SMA increases the odds of the pair’s further weakness. Bulls may seek validation from June 24 top before entry. GBP/USD takes rounds to 1.2470 amid Friday’s Asian session. The Cable turned south from over one-week top the previous day, which in turn portrayed a bearish pin bar candlestick formation on the daily chart. Also favoring the sellers is the pair’s sustained trading below 21-day SMA and MACD signals. Hence, the quote is likely to revisit June 29 top surrounding 1.2390 during the fresh downside. However, the last month’s low close to 1.2252 could restrict further weakness. Given the GBP/USD prices fail to recover from 1.2252, May 22 low of 1.2162 might offer an intermediate halt before dragging the quote towards May 18 bottom around 1.2075 and 1.2000 threshold. On the contrary, the pair’s upside break of 21-day SMA level of 1.2514 won’t immediately call the bulls as June 24 high close to 1.2545 will become additional resistance to watch. Though, the pair’s further rise past-1.2545 might not hesitate to challenge the June monthly top of 1.2813 with June 16 peak around 1.2690 likely being an intermediate halt. GBP/USD daily chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Three-quarters of UK manufacturers set to cut jobs this year – FT FX Street 3 years GBP/USD remains redundant between 1.2455/75 area following its U-turn from 1.2530. A bearish candlestick formation below 21-day SMA increases the odds of the pair’s further weakness. Bulls may seek validation from June 24 top before entry. GBP/USD takes rounds to 1.2470 amid Friday’s Asian session. The Cable turned south from over one-week top the previous day, which in turn portrayed a bearish pin bar candlestick formation on the daily chart. Also favoring the sellers is the pair’s sustained trading below 21-day SMA and MACD signals. Hence, the quote is likely to revisit June 29 top surrounding 1.2390 during the fresh… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
