Pound Sterling Price News and Forecast: GBP/USD is expected to move close to the 1.235
|GBP/USD Price Analysis: Bulls pushing against a key level of resistance, 1.2650 eyed
The price is making it's way higher within the correction of the weekly chart's bearish impulse. Having already mitigated some of the price imbalance in a 38.2% Fibonacci retracement so far, the bulls are staying with the course which leaves 1.2650 vulnerable in a 50% mean reversion. Thereafter, the golden 61.8% ratio will be eyed.
GBP/USD is expected to move close to the 1.235 closest support level
Looking at GBPUSD Chart, we can see the reversal of the month-long downtrend taking place on the 17th of May where it rebounded from its 1.22 support level and rallied well into the 1.245 regions, where it encountered some resistance, causing a retraction to the 1.235 on the 19th of May.
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