The GBPUSD exchange rate has resumed its downward trajectory, showing significant bearish movement in recent sessions, nearing the crucial support level at 1.2600$. This decline reinforces expectations of further downside in the short term, with the next target anticipated at 1.2580$. Analysts predict that breaching this support level could extend the bearish momentum towards 1.2480$.
Technical indicators, notably the EMA50 (Exponential Moving Average 50), continue to exert downward pressure on the price, underpinning the likelihood of a sustained bearish trend. Market sentiment remains tied to the condition that prices maintain stability below the key resistance level of 1.2700$ to validate this downward outlook.
Expected Trading Range
Market analysts foresee a trading range between the support level at 1.2540$ and the aforementioned resistance at 1.2700$. Traders are advised to monitor price movements within this range for potential breakout opportunities and trend reversals.
This analysis reflects current market conditions and technical indicators as of the forecast date, providing insights into potential trading strategies for investors in the GBPUSD currency pair.
