GBP/USD Faces Selling Pressure: Support and Resistance Levels Highlighted

Although movements above the mentioned trendline resistance and the 200-day moving average levels occurred on the daily chart, the cable failed to hold above them following yesterday's encounter with selling pressure, starting today with further selling. The first support it will face is the 1.2490-1.2480 range for GBP/USD, and if it fails to hold here, it may visit the 1.2425-1.2415 range. If this level also fails to prevent the decline, the third support level to watch is 1.2365. However, in the event, the selling pressure subsides and the movement turns upward, the 1.2505-1.2515 range will be the first significant resistance encountered. If sustainability is achieved above this level, the next point to monitor is the 1.2540-1.2550 range. As this area is where the main selling pressure came from, surpassing and holding above it would make setting the next target at a slightly higher level such as 1.2615 sensible.