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GBP/USD Faces Key Support, Break Below 1.2215$ Could Lead to Further Losses

by Daisy

The GBP/USD pair is currently fluctuating near the support line of a bearish flag pattern, which has risen to 1.2215$. A break below this level is needed to activate the negative impact of the pattern, with the next bearish target set at 1.2045$.

The 50-period Exponential Moving Average (EMA50) continues to support the expected bearish trend. However, a break above 1.2300$ would signal a potential recovery, pushing the price toward testing the bearish channel’s resistance at around 1.2485$ before any further downward movement.

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For today, the expected trading range is between 1.2150$ on the downside and 1.2300$ on the upside.

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Trend forecast: Bearish

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