The Pound Sterling advances modestly against the Greenback on Monday, with market participants digesting US President-Elect Donald Trump’s naming of Scott Bessent as Treasury Secretary. Bessent, an advocate for lower taxes and tariffs, was well-received by the markets as risk appetite improved. The GBP/USD trades at 1.2586, up 0.52%. GBP/USD Price Forecast: Technical outlook Despite posting gains, the GBP/USD remains downward biased after slipping below the 200-day Simple Moving Average (SMA) at 1.2818. If buyers want to regain the control, they need to conquer the 1.2600 figure, followed by a clear break of November’s 21 peak at 1.2659, which could exacerbate a rally to 1.2700. On further strength, the 200-day SMA is up next.

Meanwhile, bears remain in charge, targeting 1.2550 as the first support level. Once surpassed, they will set their sights on the November 22 low of 1.2486, followed by the year-to-date (YTD) low of 1.2299. Indicators such as the Relative Strength Index (RSI) remain bearishly biased, near oversold territory, and hints the downtrend remains strong.