GBPUSD falls to 1.2620 during Friday’s early European trading hours.
During the early European session on Friday, the GBPUSD pair is trading down at Approximately 1.2620. The slide of the Pound Sterling (GBP) is Supported by increased belief that the Bank of England (BoE) would begin the rate cutting cycle this year. Markets have fully priced in the first rate decrease in August, for a total of roughly three quarter-point rate cuts this year.
GBPUSD Technical Outlook
The bearish view for the pair is intact above the critical EMA. And the RSI indicator supports the downward momentum.
Moreover The first upside barrier is anticipated in the 1.2645-1.2650 range. While the 1.2600-1.2605 zone serves as an early support.
Technically, GBPUSD major pair remains below the crucial 50- and 100-period Exponential Moving Average (EMA) on the four-hour chart. Indicating a bearish trend. Furthermore, the Relative Strength Index (RSI) is below the 50 midlines. Indicating that the pair is on a negative trend and that further loss is likely.
The immediate resistance level for GBPUSD is observed in the 1.2645-1.2650 range. Which is the intersection of the upper boundary of the Bollinger Band and the 50-period EMA. Furthermore Any more purchasing above the latter will expose the 100-period EMA at 1.2677. An additional upside filter to keep an eye on is the March 18 high of 1.2746, which is on its way to the psychological round mark of 1.2800.
Moreover To the downside, the lower boundary of the Bollinger Band at the 1.2600-1.2605 zone acts. is the primary support level for the big pair. A convincing break below this level will open the path to a bottom on March 22 at 1.2575. The next downward objective is placed at a low of February 14 at 1.2535, followed by the round number of 1.2500.
