GBPUSD resistance retest after upbeat UK GDP data

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The GBPUSD currency pair price action sentiment appears bearish, supported by the longer-term prevailing downtrend. This morning, the GBPUSD currency pair spiked higher towards 1.2500 resistance level. This was a reaction to the upbeat UK GDP data, which showed that the economy expanded at an annual rate of 1.4% in Q4, surpassing the market expectation of 1.1%.

The key trading level is at 1.2550, which is the 25th February swing high. An oversold rally from the current levels and a bearish rejection from the 1.2550 level could target the downside support at 1.2400 followed by 1.2330 and 1.2250 levels over the longer timeframe.

Alternatively, a confirmed breakout above 1.2550 resistance and a daily close above that level would negate the bearish outlook opening the way for further rallies higher and a retest of 1.2600 resistance level followed by 1.2650 and 1.2700.

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