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.
Expected Trading Range
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.