The GBP/USD pair remains under selling pressure near 1.2450 during the early European session on Monday (1/27). Renewed US Dollar (USD) demand amid safe-haven flows dragged the major lower.
According to the 4-hour chart, the bullish outlook for GBP/USD is in place as the major is above the key 100-period Exponential Moving Average (EMA). The upside momentum is reinforced by the Relative Strength Index (RSI), which is above the midline around 64.70, suggesting that further upside appears favorable.
On the upside, immediate resistance is seen in the 1.2500-1.2510 region, which represents the psychological level and the upper boundary of the Bollinger Band. A decisive break above this level could open the way towards 1.2551, the high set on January 6. The next upside barrier to watch is 1.2607, the high on Dec. 30, 2024.
On the downside, a key support level emerges at 1.2350, the 100-period EMA. A breach of the mentioned level could expose 1.2250, the lower boundary of the Bollinger Band. Further down, the next resistance level is located at 1.2160, the low on Jan. 20.(AL)
Source: FXstreet
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