The GBP/USD pair paused its bullish move and fell into negative territory for the first time in four days this Tuesday, as the bulls took a breather ahead of the Brexit Supreme Court decision.
GBP/USD eyes a break below 1.2500
GBP/USD is seen on a retreat from five-week highs of 1.2545, and now struggles near 1.25 handle, as markets resort to profit-taking on their GBP longs, especially after the recent strength witnessed in anticipation that the UK Supreme Court will announce a decision urging the UK government to adopt a soft Brexit.
Moreover, a pick-up in demand for the greenback across the board also collaborated to the renewed sell-off in GBP/USD. The US dollar is attempting a tepid-bounce versus its major peers from seven-week lows, following USD jawboning by the US Treasury Secretary nominee Mnuchin overnight.
All eyes remain on the Supreme Court decision on the Brexit process for fresh direction on the spot.
GBP/USD Levels to consider
In terms of technical levels, upside barriers are lined up at 1.2545 (5-week high), 1.2604 (daily R1) and 1.2650 (round figure). While supports are aligned at 1.2478 (daily pivot) and 1.2429 (5-DMA) and below that at 1.2400 (100-DMA).
- R3 1.2410
- R2 1.2399
- R1 1.2392
- PP 1.2381
- S1 1.2374
- S2 1.2363
- S3 1.2355
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