The GBPUSD pair found robust support above the 1.2830$ mark after failing to sustain below it for an extended period, leading to a period of sideways movement approaching the 1.2880$ level. Today, the pair has initiated trading with a bearish tilt, indicating potential for resuming its downward trajectory on an intraday basis. This sentiment is reinforced by the recent completion of a double top pattern, with the next downside target set at 1.2780$.
The bearish outlook is further bolstered by the downward pressure exerted by the EMA50, suggesting a sustained bearish momentum unless the price manages a breakout above key resistance levels at 1.2880$ and subsequently at 1.2945$, and maintains a position above them.
Looking ahead, the anticipated trading range for the day spans between support at 1.2770$ and resistance at 1.2910$. Traders and investors are advised to monitor these levels closely as they navigate today’s GBPUSD movements.
