FxNews—The British Pound lost its bullish momentum from $1.249 after hitting the critical resistance at $1.273. As of this writing, GBP/USD trades sideways at approximately $1.269, awaiting new market participants.
The Technical Analysis
Please note that the market outlook remains bearish, with prices below $1.273. That said, the immediate support rests at $1.262. From a technical perspective, the downtrend will likely resume if GBP/USD dips below this support.
In this scenario, the prices could be $1.255, followed by $1.249.
Bullish Scenario
Conversely, the bearish outlook should be invalidated if GBP/USD exceeds the critical resistance. If this scenario unfolds, the uptrend that began on November 24 could extend to $1.285 (38.2% Fibonacci retracement level).