The Pound Sterling lost ground versus the Greenback on Wednesday following the release of US housing data, which highlights the sector's weakness, yet the buck trades at around 8-week highs, as shown by the US Dollar Index (DXY).
GBP/USD declines after struggling at 1.2700, following weak US housing data and strong USD. Technical outlook shows bearish momentum with an 'evening star' pattern and RSI indicating further downside. Key support levels are the 50-DMA at 1.2636, 1.2600, and 200-DMA at 1.2555. For a bullish reversal, GBP/USD needs to surpass 1.2700 and clear resistance at 1.2730/40.
GBP/USD Price Action – Daily Chart GBP/USD Overview Today last price 1.2623 Today Daily Change -0.0063 Today Daily Change % -0.50 Today daily open 1.2686 Trends Daily SMA20 1.2729 Daily SMA50 1.2634 Daily SMA100 1.2642 Daily SMA200 1.2559 Levels Previous Daily High 1.2703 Previous Daily Low 1.267 Previous Weekly High 1.274 Previous Weekly Low 1.2623 Previous Monthly High 1.2801 Previous Monthly Low 1.2446 Daily Fibonacci 38.2% 1.269 Daily Fibonacci 61.8% 1.2683 Daily Pivot Point S1 1.
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