GBP/USD Price Analysis: Clings to gains above 1.2500, ascending channel support holds the key GBPUSD BOE Inflation Technical Analysis Currencies
nding from early April and recovers a part of the previous day's slump to over a one-week low. The pair sticks to its mildly positive tone, around the 1.2525-1.2530 region through the first half of the European session and for now, seems to have stalled a pullback from its highest level since April 2022 touched on Wednesday.
The US Dollar struggles to gain any meaningful traction and is seen consolidating the previous day's strong move up, which, in turn, is seen as a key factor lending some support to the GBP/USD pair. The upside, however, remains capped in the wake of the Bank of England Governor Andrew Bailey's less hawkish remarks on Thursday, indicating the possibility of a sharp fall in UK inflation.
From a technical perspective, the recent failure near the aforementioned trend-channel resistance and the subsequent downfall might have already shifted the near-term bias in favour of bearish traders. That said, oscillators on the daily chart - though have been losing positive traction - are still holding in the bullish territory. This, in turn, makes it prudent to wait for a convincing break below the 1.
This is followed by the 1.2400 round figure, below which the downward trajectory could get extended further towards the next relevant support near the 1.2370-1.2465 region en route to the mid-1.2300s. The GBP/USD pair could eventually weaken further below the 1.2300 round-figure mark and test the 1.2275-1.2270 horizontal support.
On the flip side, any subsequent move-up is likely to confront stiff resistance near the 1.2550-1.2560 region. A sustained strength beyond will reaffirm the trend-channel support and trigger a near-term short-covering move.might then aim to reclaim the 1.2600 round figure and test the 1.2635-1.2640 supply zone. The upward trajectory has the potential to push spot prices towards the 1.2700 mark, which coincides with the top end of the ascending channel.
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