GBP/USD faces resistance around 1.2200 despite solid UK Retail Sales
The GBP/USD pair is sensing pressure while bridging the marginal gap in surpassing the round-level resistance of 1.2200 in the early Asian session. The Cable is struggling to extend its rally further as a decline in the demand for US government bonds is weighing on positive market sentiment. Considering the selling pressure on the Pound Sterling, it is highly likely that the Cable will correct further.
GBP/USD Price Analysis: Bullish impulse is decelerating, eyes on 1.2150
The outlook is bearish for GBP/USD while below 1.2400 and 1.2220 nearer-term highs. The following illustrates GBP/USD’s W-formation and test of mid-December highs where a failure to break higher would eventuate in a bearish thesis for the days ahead. The market is on the back side of the recent supportive trendline and the price broke 1.1900 structure leaving a bearish bias on the charts.
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- Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbpusd-has-sensed-selling-pressure-202301100326
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