Exhaustion signals as GBP/USD stalls after a 400-pip rally, with RSI indicating overbought conditions.
A daily close below 1.3200 could trigger a pullback, with support levels at 1.3130, 1.3100, and further down at 1.3043.
If the pair breaks above 1.3230, resistance levels to watch are 1.3250 and the psychological 1.3300 mark.
The Pound Sterling begins the week on a positive note, yet remains hovering around the 1.3200 figure, unable to break last Friday new year-to-date (YTD) high of 1.3230, and trades at 1.3204 almost flat.
GBP/USD Price Forecast: Technical outlook
Exhaustion is the name of the game for the GBP/USD. After achieving a 400-pip run that started on August 15th, the pair has failed to extend its gains after hitting a multi-year peak at 1.3230. Today’s price action is forming a ‘doji,’ which indicates indecision amongst buyers and sellers.
Momentum shows buyers are losing steam as the Relative Strength Index (RSI) remains overbought. Therefore, if the GBP/USD achieves a daily close below 1.3200, that could pave the way for a deeper pullback.
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