Buyers and sellers clash around the 1.2700 figure, though upward bias expected – Crypto News – Crypto News
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GBP/USD will the cycle wave z continue? GBP/USD will the cycle wave z continue?

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Buyers and sellers clash around the 1.2700 figure, though upward bias expected – Crypto News

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  • GBP/USD remains in the 1.2690s range, showing a neutral to an upward bias in technical analysis.
  • Daily EMAs indicate a potential bullish continuation, with resistance levels at 1.2728, 1.2750, and 1.2800.
  • Downside pressure if GBP/USD fails to reclaim 1.2700, with support levels at 1.2590, 1.2561, and 1.2500.

GBP/USD stays at around the 1.2690s area as the Tuesday Asian session gains; After trading within a 70-pip range on Monday, the pair sawsawing around the 1.2658/1.2722 daily high-low. At the time of writing, the GBP/USD exchanges hands at 1.2692.

GBP/USD Price Analysis: Technical outlook

From a daily chart perspective, the GBP/USD remains neutral to upward biased, though Monday’s price action formed a spinning top, meaning indecision surrounding the pair. However, a bullish continuation is expected as the daily Exponential Moving Averages (EMAs) lie below the current exchange rates.

Therefore, the GBP/USD first resistance would be the June 30 daily high at 1.2728, followed by the 1.2750 psychological level. Once cleared, the next resistance would be 1.2800, ahead of challenging the year-to-date (YTD) high of 1.2848.

Nevertheless, further downside is expected if GBP/USD fails to reclaim 1.2700 and drops past the 20-day EMA at 1.2657. The GBP/USD next support would be the June 29 daily low of 1.2590, followed by the 50-day EMA at 1.2561 and the 1.2500 figure.

GBP/USD Price Action – Daily chart

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