The GBP/USD pair struggles to capitalize on a two-day-old recovery move from the 1.2975 area, or a nearly two-month trough touched last Thursday and kicks off the new week on a softer note.
GBP/USD edges lower at the start of a new week amid a modest USD strength. The fundamental backdrop supports prospects for a further depreciating move. A slide towards the 1.2960 confluence support looks like a distinct possibility. Spot prices currently trade just below mid-1.3000s and seem vulnerable to prolonging the recent pullback from the 1.3435 region, or the highest level since March 2022.
level, which if broken should pave the way for a slide towards the 1.2900 round figure en route to the 1.2860 horizontal support. On the flip side, attempted recovery beyond the 1.3100 mark is likely to confront resistance near the 1.3135 region, or the 38.2% Fibo. level. The said hurdle now coincides with the 50-day SMA and should act as a key pivotal point. A sustained strength beyond might shift the bias in favor of bullish traders and allow the GBP/USD pair to reclaim the 1.3200 mark.
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