GBP/USD: Capped near the 1.2400 mark

GBP/USD’s uptick faltered ahead of the 1.2400 mark. Haresh Menghani, an analyst at FXStreet, takes a look at the cable technical outlook.

Key quotes

“A sustained weakness back below the 1.2300-1.2285 region might prompt some technical selling and accelerate the slide further towards the 1.2225 intermediate support en-route the 1.2200 round-figure mark.”

“On the flip side, the 1.2375-85 region might continue to act as immediate resistance and is closely followed by the 1.2400 round-figure mark. A sustained strength above the mentioned handle has the potential to lift the pair further the 1.2475-85 heavy supply zone.”