The GBPUSD has maintained a sideways trend in recent sessions, encountering significant resistance near the $1.3000 mark. This resistance has been reinforced by negative movements in the Relative Strength Index (RSI), contributing to a downward fluctuation. Traders are now anticipating a shift towards positive momentum to support a continuation of the primary bullish trend, with an anticipated target around $1.3140.
Conversely, analysts caution that a breach of the $1.2890 support level could halt the current bullish wave, potentially leading to further declines. In such a scenario, the price might seek to test support near the lower boundary of the main bullish channel, approximately at $1.2695, before any renewed attempts at an upward movement.
For today’s trading session, market expectations suggest a range-bound movement between support at $1.2900 and resistance at $1.3050.
