FxNews—GBP/USD dipped below $1.273 after failing to hold above the critical resistance ($1.273). A dip below the immediate support ($1.265) could result in further losses, targeting $1.261.
GBPUSD Technical Analysis – 13-December-2024
The trend outlook should be considered bearish because the pair has shifted below the 75-period simple moving average. However, the extreme selling pressure from $1.281 has driven the Stochastic Oscillator into the oversold territory.
These developments in the technical indicators could slow the downtrend near the immediate resistance ($1.265).
Watch GBPUSD as It Targets $1.261
From a technical perspective, the downtrend will likely resume if GBP/USD closes and stabilizes below $1.265. In this scenario, the next bearish target could be $1.261.
Furthermore, if the selling pressure pushes the prices below $1.261, the bears’ path to the 78.6% Fibonacci support level at $1.256 could be paved.
The Bullish Scenario
The critical resistance level remains at $1.273. Please note that the bearish outlook should be invalidated if GBP/USD crosses and stabilizes above this mark.
If this scenario unfolds, the $1.281 will likely be tested, followed by the $1.285 high.
