![GBP/USD analysis: Price reversal at 1.2448 weekly resistance? [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-170160529_XtraLarge.jpg)
Join Senior Market Strategist & Trading Mentor Duncan Cooper as he watches price levels on the GBP/USD daily, 4-hour, and 15-minute charts.
Author
Duncan Cooper
ACY Securities
Duncan Cooper is a full-time trader and mentor. He has been actively trading the financial markets for more than 15 years and has traded stocks, options, futures, and the Forex Market since 2005.
EUR/USD extends its losses for the second successive session, trading around 1.1840 during the early European hours on Tuesday. The 14-day Relative Strength Index momentum indicator at 53 (neutral) signals consolidation with a modest upside lean.
GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.
Gold attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday. The commodity, however, quickly recovers to the $4,900 mark as traders opt to await more cues about the US Federal Reserve's (Fed) rate-cut path before placing fresh directional bets.
Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.
It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.
Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.
