- Analytics
- News and Tools
- Market News
- GBP/USD remains vulnerable, with key support at 1.2600 under pressure
GBP/USD remains vulnerable, with key support at 1.2600 under pressure
- The pound loses ground on USD strength and a risk-off sentiment
- Speculation about BoE cuts likely to add pressure on the GBP
- A double-top at 1.2730 might trigger a trend change
The Pound is trading lower on Tuesday, weighed by negative market sentiment and a somewhat stronger USD with bears looking at the 1.2600 support area.
Speculation about BoE rate cuts
Beyond that, UK interest rate swaps have boosted speculation that the BoE might start cutting interest rates in June 2025, which is giving further hope for Pound sellers.
In the calendar today, the final of the UK Global/CIPS Services PMI and, in the US, the ISM Services PMI and October’s JOLTS Job Openings will provide the fundamental framework.
Potential double top at 1.2730
The technical picture shows the pair losing bullish momentum with price action crossing below the 4h 50 SMA aiming to 1.2600. A clear move here would trigger a double-top at 1.2730 increasing pressure towards 1.2517 ahead of the measured target, at 1.2460.
On the upside, immediate resistance lies at 1.2645 and 1.2730.
Technical levels to watch
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
