The GBPUSD pair experienced a downturn recently, slipping below the crucial 1.2800$ mark in trading yesterday. However, early indications today suggest a bullish bias, signaling potential for recovery and a return to the upward trajectory, with a target set at 1.2890$.
Market analysis highlights the pivotal role of the EMA50, providing underlying support from below. Failure to sustain trades above 1.2800$ could lead to further declines, possibly testing the 1.2700$ level before any renewed upward momentum.
Today’s anticipated trading range is expected between the support level of 1.2730$ and resistance at 1.2880$.
Forecast Trend: Bullish