The GBPUSD exchange rate is encountering significant resistance near the 1.2830$ mark, leading to cautious optimism in trading activities aiming for a potential advance towards the 1.2880$ level. This level marks the neckline of a double top pattern visible on the charts, signaling a critical juncture for potential bearish corrections targeting 1.2780$. Analysts underscore that this pattern may extend its negative implications, possibly reaching down to 1.0735$.
Consequently, the prevailing bearish trend is expected to persist in the near term, contingent upon the exchange rate remaining below 1.2880$ and particularly under 1.2945$.
Today’s projected trading range spans from a support level of 1.2770$ to a resistance level of 1.2910$, setting the stage for cautious market maneuvers amid ongoing price dynamics.
