- GBP/USD tilts downward; key support at 1.2833 could open path to 200-day SMA at 1.2816.
- Break below major support may shift bias bearish, targeting August low of 1.2664.
- Buyers need a close above 100-day SMA at 1.2992 to regain momentum toward 1.3099.
The Pound Sterling begins the week on the back foot, tumbling over 0.30% against the Greenback amid fears that US President-Elect Donald Trump might impose tariffs, deteriorated risk appetite. Hence, the risk-sensitive GBP/USD pair fell below the 1.2900 figure, trading at 1.2876.
GBP/USD Price Forecast: Technical outlook
From a technical perspective, the GBP/USD remains consolidated but slightly tilted to the downside. However, sellers must clear the November 6 swing low of 1.2833 to challenge the 200-day Simple Moving Average (SMA) at 1.2816. If those two support levels are cleared, the bias will shift bearish, and the pair can challenge major support at the August 9 daily low of 1.2664.
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