Advertisements

GBPUSD Price Anticipates Further Decline – Forecast for 01-07-2024

by Daisy

The GBPUSD exchange rate remains entrenched in a downtrend, poised for additional bearish movement towards the initial target of $1.2580. It is crucial to note that a breach of this level could potentially propel prices lower towards the subsequent support at $1.2480.

The EMA50 indicator continues to reinforce this bearish momentum, underscoring the prevailing market sentiment. However, a decisive break above $1.2700 would invalidate the current downtrend, prompting a potential shift towards re-establishing bullish momentum.

Advertisements

Expected Trading Range

Advertisements

Traders should anticipate a trading range bounded by support at $1.2570 and resistance at $1.2720.

This forecast highlights the ongoing bearish outlook for the GBPUSD pair, contingent upon key support and resistance levels influencing market dynamics on the specified date.

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News