GBP/USD struggles to recover to 1.2650, awaiting US GDP data
GBP came under pressure after a sharp deceleration in UK consumer inflation data for November, with CPI rising 3.9% compared to forecasts of 4.3% and October's 4.6%. Today's key event is The third quarter GDP report and last week's US unemployment claims were released during the US session.
On the H4 frame, the RSI indicator dropped below 50, and the pair remained in the upward regression channel, showing that the upward momentum is still there but has gradually weakened. Immediate support to watch is 1.2640, with the 50 and 100 MAs, then 1.2600, with the 23.6% Fibo level of the rally from the October bottom to the November peak. Successful testing of these supports, downward momentum. Could extend down to 1.2550.
On the contrary, buyers could aim for resistance at 1.2700, with the next target at 1.2550.
On the H4 frame, the RSI indicator dropped below 50, and the pair remained in the upward regression channel, showing that the upward momentum is still there but has gradually weakened. Immediate support to watch is 1.2640, with the 50 and 100 MAs, then 1.2600, with the 23.6% Fibo level of the rally from the October bottom to the November peak. Successful testing of these supports, downward momentum. Could extend down to 1.2550.
On the contrary, buyers could aim for resistance at 1.2700, with the next target at 1.2550.
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