The Pound Sterling stayed firm against the Greenback on Tuesday, even though the latter remained positive, and a worse-than-expected Consumer Confidence report capped the US Dollar advance.
GBP/USD is steady as worse-than-expected US Consumer Confidence report, weighs on US Dollar. Technical outlook shows a 'bullish piercing' pattern, but momentum favors sellers, with RSI standing bearish. Key support levels will be 100-DMA and the May 3 high at 1.2640/34, with further losses eyed beneath the psychological level of 1.2600. Key resistance levels are 1.2700 and previous support trendline turned resistance at 1.2730/40. Therefore, the GBP/USD trades at 1.
The first support will be the confluence of the 100-day moving average and the May 3 high-turned support at around 1.2640/34, closely followed by the 50-DMA at 1.2632. Once that area is surpassed, the psychological 1.2600 mark would be up next, ahead of the 200-DMA at 1.2555. For a bullish continuation, traders must claim 1.2700 and clear a previous support trendline turned resistance at around 1.2730/40. GBP/USD Price Action – Daily Chart GBP/USD Overview Today last price 1.
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