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GBPUSD Price Analysis Indicates Bearish Trend Ahead

by Daisy

In recent trading sessions, the GBPUSD pair exhibited a notable downward movement, marked by a significant bounce downwards yesterday. The pair approached the $1.2700 level aggressively, signaling an attempt to breach it. Today’s market opening saw a continuation of this decline, further indicating a potential shift towards a bearish trend in the upcoming sessions. Analysts suggest that the pair may target key support levels at $1.2630 and $1.2580, serving as primary negative waypoints.

Market observers anticipate a prevailing bearish bias in today’s trading, with a caveat that a resurgence above $1.2700 could reignite a positive scenario, potentially propelling the price towards new highs, possibly reaching $1.2893.

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The expected trading range is anticipated to oscillate between the support level at $1.2600 and the resistance level at $1.2750.

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Trend Forecast: Bearish

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