The GBPUSD price encountered substantial resistance as it attempted to breach the upper bounds of its bullish channel today. This resistance, coupled with a bearish bias influenced by RSI negativity, suggests a temporary setback in its upward momentum. Analysts anticipate a potential rebound towards the 1.3140$ mark, indicating bullish sentiment may prevail once market conditions stabilize.
Supporting this outlook is the EMA50 indicator, reinforcing expectations of a bullish continuation. However, failure to breach key support levels at 1.2960$ and 1.2890$ could thwart the anticipated upward trajectory, leading to a downward correction. Such a scenario might prompt a retest of the lower boundary of the bullish channel before any renewed attempts at higher levels.
For today’s trading session, market participants are advised to monitor the range between 1.2940$ as a support level and 1.3090$ as a resistance barrier. This delineation will likely dictate short-term price movements, offering strategic entry and exit points amidst ongoing volatility in the GBPUSD pair.
