GBP/USD recovery halted above key 1.2693 barrier.
GBP/USD turned weaker after closing slightly above the 1.2693 key resistance on Monday, looking unable to build on its recent rebound from fresh yearly lows. In subsequent sessions, the pair may retain this consolidation phase given that the RSI remains close to its 50 neutral
On the downside, the 1.2582 level could provide immediate support as it did several times during the past two years. Below that the focus will shift to the 1.2475 level, where another failure could trigger stronger selling momentum, probably towards 1.2350.
Alternatively, should the market gain strength above the 1.2693 level, resistance may appear around 1.2830, a previously congestion area. Even higher, the bullish action may take a pause at 1.2920, with traders looking at 1.3040 in case this proves a weak obstacle as well.
In the three-month period, the pair is still in a bearish mode, printing lower highs,
Summarising, GBP/USD holds a neutral bias in the short-term and a bearish one in the medium-term picture.
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