The GBP/USD pair is currently fluctuating near the support line of a bearish flag pattern, which has risen to 1.2215$. A break below this level is needed to activate the negative impact of the pattern, with the next bearish target set at 1.2045$.
The 50-period Exponential Moving Average (EMA50) continues to support the expected bearish trend. However, a break above 1.2300$ would signal a potential recovery, pushing the price toward testing the bearish channel’s resistance at around 1.2485$ before any further downward movement.
For today, the expected trading range is between 1.2150$ on the downside and 1.2300$ on the upside.
Trend forecast: Bearish