As UK traders celebrate Boxing Day, the GBP/USD is under pressure, falling to new session lows and extending its decline beyond the 100-hourly moving average go down The pair opened the post-Christmas trading day slightly below the 100-hourly moving average, currently at 1.25365, and remained below that during the Asia Pacific session. As the day progressed to the US session, the bearish trend strengthened, with the price now trading at 1.2509 after testing the psychological support level at 1.2500.
A break below 1.2500 would shift focus to the swing low from November 22 at 1.2487, with additional support at last Friday's low of 1.24739, where the pair turned back sharply higher. On Friday, the upside was put down near the high level of a swing zone between 1.2596 and 1.26147, as it did not break that zone forcing sellers to regain control and move the pair lower.
Looking ahead, a move back above the 100-hourly moving average would give buyers an opportunity and force sellers to reconsider. There is further resistance at 1.25655, followed by the 200-hour moving average falling at 1.25987, and the aforementioned swing range up to 1.26147. For now, the bearish bias remains intact below these key levels.
