GBPUSD

The GBP/USD pair is moving with the year-end holiday psychology in global markets amidst the ongoing Christmas holiday in Europe and limited macroeconomic data flow. The Jobless Claims data from the United States will be the key data to watch for the day. The weakness in the dollar index could also influence the GBP/USD pair. During this period of low liquidity in global markets, the pair may continue its volatile course.

From a technical perspective, the GBP/USD pair is trading below the resistance levels of 1.2610 and 1.2665, exhibiting a short-term negative trend. On the downside, the support levels of 1.2525 and 1.2485 are of critical importance. The 1.2485 level of the pair could play a decisive role in the direction of the trend. The RSI indicator, at the level of 45, displays a negative outlook. It is observed that the pair has experienced a slight decline compared to the previous day. In the short-term outlook, maintaining sustained movements above the resistance levels is necessary to transition into an upward trend.