GBP/USD Price Analysis: 1.21270 eyed on a break of 1.2250 for the week ahead
GBP/USD bulls have been testing the commitments of the bears that are now tracking control on the backside of the trend. Bears need to break 1.2350/30 for a shot at 1.2250 and then 1.2170. The bears were moving in at the end of last week as illustrated on the 4-hour chart above. We have seen a push lower following tests in the 1.24 area that indeed failed.
GBP/USD Forecast: Pound Sterling needs to stabilize above 1.2450 to stretch higher
GBP/USD has lost its traction and retreated to the 1.2400 area after having climbed toward 1.2450 during the Asian trading hours on Monday. The near-term technical picture suggests that the pair is staging a technical correction. In the absence of high-impact data releases, the US Dollar’s valuation could continue to impact GBP/USD’s action.