FxNews—The British pound trades in a robust bear market against the American dollar. As of this writing, the GBP/USD pair tests the 1.261 resistance, while the Stochastic Oscillator is oversold in the daily chart.
GBPUSD Technical Analysis – 18-November-2024
From a technical perspective, the primary trend is bearish and will likely resume if sellers close below the 1.261 resistance. In this scenario, the next bearish target could be the 1.245 resistance (May 9, 2024) low.
Conversely, if the 1.261 support holds, a new consolidation phase could begin. GBP/USD could test the 1.267 mark as immediate resistance if this scenario unfolds.
- Support: 1.261 / 1.245
- Resistance: 1.267 / 1.285
