GBP/USD sellers could take action if 1.2600 support fails [Video]

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<h2>GBP/USD bulls hit a wall, support nearby [Video]</h2>
<p><strong><a href="https://www.fxstreet.com/currencies/gbpusd">GBPUSD</a> flatlined around the familiar 1.2720 resistance region</strong>, which was last tested at the end of August, after three constructive bullish weeks. The area also overlaps with the 61.8% <a href="https://www.fxstreet.com/technical-analysis/support-resistance/fibonacci">Fibonacci</a> retracement of the July-October downleg. <a href="https://www.fxstreet.com/analysis/gbp-usd-bulls-hit-a-wall-support-nearby-video-202312051053" target="_blank" rel="noopener">Read more&#8230;</a></p>
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<div><iframe title="Technical Analysis: 05/12/2023 – GBPUSD bulls hit a wall; support nearby" width="500" height="281" src="https://www.youtube.com/embed/EGFASuTQbhw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></div>
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<h2>GBP/USD Forecast: Sellers could take action if 1.2600 support fails</h2>
<p>GBP/USD continued to edge lower toward 1.2600 early Tuesday after closing the first trading day of the week deep in negative territory.<strong> While investors await important macroeconomic data releases from the US, the pair&#8217;s technical outlook points to a bearish tilt in the short term</strong>.</p>
<p>The US Dollar (USD) capitalized on safe haven flows on Monday and caused GBP/USD to stretch lower in the American trading hours. Meanwhile, the steady recovery seen in the US Treasury bond yields following the previous week&#8217;s sharp slide provided an additional boost to the currency. <a href="https://www.fxstreet.com/analysis/gbp-usd-forecast-sellers-could-take-action-if-12600-support-fails-202312050939" target="_blank" rel="noopener">Read more&#8230;</a></p>
<p><a href="https://editorial.fxstreet.com/miscelaneous/GBPUSD1-638373739307831369.png" target="_blank" rel="noopener"><img decoding="async" alt="GBPUSD" src="https://editorial.fxstreet.com/miscelaneous/GBPUSD1-638373739307831369.png" style="width: 1637px; height: 744px;" /></a></p>
<h2>GBP/USD remains vulnerable, with key support at 1.2600 under pressure</h2>
<p>The Pound is trading lower on Tuesday, weighed by negative market sentiment and a somewhat stronger USD with bears looking at the 1.2600 support area. <strong>Beyond that, UK interest rate swaps have boosted speculation that the <a href="https://www.fxstreet.com/macroeconomics/central-banks/boe">BoE</a> might start cutting interest rates in June 2025</strong>, which is giving further hope for Pound sellers.</p>
<p>In <a href="https://www.fxstreet.com/economic-calendar/united-states">the calendar</a> today, the final of the UK Global/CIPS Services PMI and, in the US, the ISM Services PMI and October’s <a href="https://www.fxstreet.com/news/us-jolts-preview-job-openings-expected-to-decline-to-still-high-935-million-in-october-202312050800">JOLTS</a> Job Openings will provide the fundamental framework. The technical picture shows the pair losing bullish momentum with price action crossing below the 4h 50 SMA aiming to 1.2600. A clear move here would trigger a double-top at 1.2730 increasing pressure towards 1.2517 ahead of the measured target, at 1.2460. <a href="https://www.fxstreet.com/news/gbp-usd-remains-vulnerable-with-key-support-at-12600-under-pressure-202312050902" target="_blank" rel="noopener">Read more&#8230;</a></p>
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<br /><a href="https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-sellers-could-take-action-if-12600-support-fails-video-202312051156">Source link </a></p><p>The post <a href="https://forextraderhub.com/gbp-usd-sellers-could-take-action-if-1-2600-support-fails-video.html">GBP/USD sellers could take action if 1.2600 support fails [Video]</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>