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Pound Sterling Price News and Forecast: GBPUSD has sensed selling pressure

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.

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GBP/USD

Overview
Today last price1.2165
Today Daily Change-0.0015
Today Daily Change %-0.12
Today daily open1.218
 
Trends
Daily SMA201.2106
Daily SMA501.1971
Daily SMA1001.1673
Daily SMA2001.2014
 
Levels
Previous Daily High1.221
Previous Daily Low1.2086
Previous Weekly High1.2102
Previous Weekly Low1.1841
Previous Monthly High1.2447
Previous Monthly Low1.1992
Daily Fibonacci 38.2%1.2163
Daily Fibonacci 61.8%1.2134
Daily Pivot Point S11.2108
Daily Pivot Point S21.2035
Daily Pivot Point S31.1984
Daily Pivot Point R11.2231
Daily Pivot Point R21.2283
Daily Pivot Point R31.2355


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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