GBPUSD Consolidates at 1.244 in a Bear Market

GBPUSD consolidates at 1.244, below the 50-period SMA. A Dip below the immediate support at $1.241 can trigger the downtrend, targeting $1.235, followed by $1.23.

GBPUSD Technical Analysis – 6-January-2025

FxNews—The British pound has been in a bear market against the American currency. It is below the 50-period simple moving average and has lost 2.7% of its value since December 12. However, the selling pressure eased at $1.235.

As of this writing, the currency pair trades at approximately $1.241, aiming toward the $1.248 critical resistance, backed by the 50-period simple moving average.

Regarding the technical indicators:

• The RSI 14 depicts [44] in the description and rising, meaning the bear market weakened.
• The Stochastic Oscillator shows [45] in the description and is rising, interpreted as the bull market strengthening.
• The Awesome Oscillator histogram is green, below zero, indicating the bull market strengthened.

Overall, the technical indicators suggest that while the primary trend is bearish, GBP/USD has the potential to erase more of its recent losses.

GBPUSD Price Forecast – 6-January-2025

The immediate support is at $1.241. From a technical perspective, the downtrend could extend to lower support levels if bears (sellers) push GBP/USD below $1.241.

If this scenario unfolds, the next bearish target could be $1.235, followed by $1.23.

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  EURUSD Analysis: Technical, Fundamental & News
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The Bullish Scenario

The immediate resistance is at $1.248. From a technical perspective, the uptrend from $1.235 will likely resume if the value of GBP/USD exceeds $1.248. In this scenario, the next bullish target could be $1.254.

GBPUSD Support and Resistance Levels – 6-January-2025

Traders and investors should closely monitor the GBP/USD key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.