$GBPUSD Forecast: Acceptance above 1.2600/38.2% Fibo. favour bulls amid weaker $USD by hareshmenghani forex trading
Apart from this, the risk-on mood weighed on the safe-havenand acted as a tailwind for the major. Investors turned optimistic amid hopes that the easing of COVID-19 restrictions in China would boost the global economy. The British pound was further underpinned by expectations that UK Chancellor Rishi Sunak's £15BN cash giveaway would lift UK consumer confidence over the coming weeks.
On the flip side, any meaningful pullback now seems to find decent support and remains limited near the 1.2600-1.2590 region. Sustaiend weakness below might prompt aggressive technical selling and expose the 1.2500 psychological mark. The latter coincides with the 38.2% Fibo. level, which if broken would shift the bias back in favour of bearish traders. The next relevant support is pegged near the 1.2445 region before the GBP/USD pair eventually drops to the 1.2400 mark and the 1.
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