The GBP/USD pair is attempting to break past the nine-day exponential moving average (EMA) near 1.2550, drawing traders’ attention as it hovers around the upper boundary of its descending channel. This critical zone marks a potential inflection point for the pair, which has struggled to sustain upward momentum in recent sessions.
Source – FXStreet
Market participants are closely watching for a decisive move above the descending channel, a development that could signal a shift in sentiment. However, persistent technical resistance and broader macroeconomic uncertainties continue to weigh on the currency pair. A failure to breach the current levels may lead to renewed selling pressure, pushing GBP/USD back toward its recent lows.
Traders will look to upcoming economic data for further cues, particularly those related to the UK economy and Federal Reserve policy signals, which could influence the pair’s direction in the coming days.
