GBPUSD Dipped Below $1.253: Market Awaits Action

GBPUSD dipped below $1.253, trading in a bear market with immediate support at $1.249. A close below this can trigger the downtrend, targeting $1.239.

GBPUSD Technical Analysis – 25-December-2024

The British pound is in a robust bear market against the American currency, trading at approximately $1.249 today. On Monday, GBP/USD declined below $1.256 after it failed to surpass the $1.261 key resistance.

The technical indicators show the currency pair moving sideways in a low-momentum market. The Stochastic and RSI 14 hover below the median line but move horizontally. This means the market awaits a breakout, and since the momentum indicators are below 50, a new bearish wave could be on the horizon.

Watch GBPUSD for a Fall to $1.239

The immediate support is at $1.249. From a technical perspective, the downtrend could resume and extend to lower support levels if GBP/USD falls below $1.249. In this scenario, the next bearish target could be $1.239.

• Also read: USDCHF Below 0.895: Bullish or Bearish?

The Bullish Scenario

Please note that the bear market remains valid as long as the prices are below the $1.261 key resistance or the 50-period simple moving average. If bulls pull GBP/USD prices above $1.261, the downtrend should be invalidated.

If this scenario unfolds, the value of the British pound can potentially rise towards $1.267.