GBP/USD Price Analysis: Rises to near 1.2450 despite the bearish sentiment

GBP/USD tests the major level of 1.2450 despite the bearish sentiment shown by the technical analysis. The pair continues to trade below the pullback resistance level at 1.2518, positioned near the lower boundary of the descending triangle. The breach into the descending channel around the level of 1.2490 may lead to a weakening of the bearish sentiment. However, the pair is still below the pullback resistance at 1.2518, which coincides with the lower boundary of the descending triangle at 1.

2490, along with surpassing the psychological level of 1.2500, could potentially weaken the bearish sentiment. Further resistance is anticipated around the pullback resistance level at 1.2518 and the 38.2% Fibonacci retracement level at 1.2527, drawn between 1.2894 and 1.2300. A breakthrough above the latter resistance region might signify a shift towards a bullish sentiment. In such a scenario, GBP/USD could aim to test the upper boundary of the descending triangle around 1.2565.

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