The GBPUSD pair has encountered downward pressure following its approach to the $1.2845 mark, driven by a bearish trend indicated by the Relative Strength Index (RSI). Despite this, the 50-period Exponential Moving Average (EMA50) remains a stabilizing factor, offering crucial support and setting the stage for a potential resurgence towards its next target at $1.2890.
Sustaining levels above $1.2800 is pivotal for the anticipated upward trajectory. However, a breach below this threshold could trigger intraday losses, potentially testing the $1.2700 mark before establishing a clearer direction.
Expected Trading Range:
Support: $1.2740
Resistance: $1.2890