GBPUSD Upside Momentum Lose Steam Ahead of 1.2700 Level

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GBPUSD Price Analysis – April 15

Over the early North American session, the GBPUSD pair proceeded to lose position ahead of the level at 1.2700. Sterling tumbles and that’s for positive reasons. Although broad dollar growth is also behind the FX pair decline, following a reversal in stocks.

Key Levels
Resistance Levels: 1.3514, 1.3172, 1.2725
Support Levels: 1.2195, 1.1958, 1.1409

GBPUSD Long term Trend: Ranging

After encountering strong technical resistance ahead of the 1.2700 marks, the British pound began to retrace lower against the US dollar. GBPUSD bulls may be considering buying the latest price retracement around the support level of 1.2500.

The GBPUSD pair would be only bearish when exchanging beneath the level of 1.2412; the main support is seen at level 1.2350. The GBPUSD pair is mostly bullish when exchanging beyond level 1.2500, the main resistance is seen at levels 1.2582 and 1.2647.

GBPUSD Short term Trend: Ranging

With the latest retreat, the intraday bias in GBPUSD appears neutral. The further increase may be expected as long as the support level stays intact at 1.2195. The rebound from 1.1409 to 61.8 percent estimate of 1.1409 to 1.2500 from 1.2195 to 1.2824 levels may stretch beyond 1.2647 level.

The break of 1.2195 support level, nevertheless, may imply finishing the recovery and turning the bias back to the downside for a low level of 1.1409 retests.

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