Pound Sterling Price News and Forecast: GBP/USD finds support at 1.2500 to return to levels past 1.2600
|GBP/USD pares losses and returns above 1.2600
The pound sterling is picking up during Thursday’s US session. GBP has taken advantage of a softer US dollar to extend its rebound from 1.2500 lows to session highs beyond 1.2600, approaching an important resistance area at 1.2650.
GBP/USD: Cable starts to lose the strength of the bull move [Video]
A key moment for the rally is approaching. An impressive run of positive candles has seen Cable now within striking distance of the $1.2645 key April highs. Momentum is strong with the move with the RSI into the mid-60s and Stochastics strong above 80. However, looking under the bonnet there are a few concerns that this bull run may be running out of steam. We have discussed recently the consistent waves of buying and selling seen through Cable in recent months, with the latest bull move of two and a half weeks now equal to that of the previous sell-off.
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