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On Friday, GBPUSD tested the 1.2820 resistance level but faced rejection, dropping back to 1.2740. The 200 EMA continues to act as dynamic resistance, reinforcing the bearish sentiment. Short-term resistance levels are at 1.2820 and 1.2950, while immediate support is seen at 1.2660, followed by 1.2570.
Technical Overview
GBPUSD remains under bearish pressure, struggling to break above the 200 EMA. If the pair fails to recover above 1.2820, sellers may target the 1.2660 support level in the upcoming sessions. A break below 1.2660 could lead to further declines toward 1.2570. However, if the bulls regain momentum, the price could move toward 1.2950, though this level faces strong resistance.
Fundamental Drivers
Several economic factors will influence GBPUSD today:
- UK Market Sentiment: Investors will be looking for updates on inflation and trade data, which could impact the British pound.
- US Dollar Strength: The release of the ISM Services PMI and any Federal Reserve commentary may influence the US dollar, adding volatility to GBPUSD.
Daily Outlook
As of December 8, 2024, the GBP-USD outlook remains bearish unless the pair breaks above 1.2820. Traders should keep a close watch on price action, particularly around the support level at 1.2660, as further downside could be possible. Stay tuned for more updates and trade carefully.
