GBP/USD: Lurking bears

The GBP/USD pair managed to find some support near the 1.2400 mark and gained some positive traction during the Asian session on Friday, FXStreet’s analyst Haresh Menghani informs.

Key quotes

“Bears are likely to wait for some follow-through weakness below the 1.2400 mark before positioning for any further near-term depreciating move.” 

“A subsequent slide below the 1.2370-65 support zone will reinforce the negative outlook and accelerate the slide further towards the 1.2300 round-figure mark.”

“On the flip side, any subsequent move beyond the 1.2500 mark might continue to confront some fresh supply near the 1.2525-35 region. Some follow-through buying has the potential to lift the pair back towards the 1.2600 round-figure mark.”