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GBP/USD Weekly Forecast: British Pound Struggles to Stay Above 1.2650

British Pound Struggles

British Pound Struggles pound initially tried to rally this week but gave back gains as it remains stuck in a range. The pound is currently trading around 1.2650 and is facing resistance from the 200-week moving average. If the pound can break above this resistance, it could target the 1.30 level. However, if the pound breaks below the 50-week moving average, it could fall to the 1.25 level.

British Pound Struggles Weighted

The pound is being weighed down by a number of factors, including the ongoing uncertainty surrounding Brexit and the recent weakness in the UK economy. However, the pound could get a boost if there is any positive news on Brexit or if there is a broader rally in risk assets.

Overall, the outlook for the pound is uncertain. The market on British Pound Struggles is waiting for more clarity on Brexit and the UK economy before making any major moves. In the meantime, the pound is likely to remain range-bound.

Technical Analysis

Here are some key technical levels to watch for on British Pound Struggles:

  • 200-week moving average: 1.2650
  • 50-week moving average: 1.2500
  • 1.30 level: This is a major psychological level that the pound has not been able to break above since July 2021.
  • 1.25 level: This is a support level that the pound has defended several times in recent months.

Traders should be patient and wait for the market to make a clear move before taking any trading positions.

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