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The GBPUSD currency pair has extended its decline, breaking through the intraday bullish trend line. This movement suggests further downward momentum in the coming sessions, with an initial target of $1.2890. A breach of this level could intensify the bearish trend, potentially pushing the price towards the support line of the bullish channel around $1.2705.
For today, the prevailing expectation is for a bearish trend on an intraday basis. However, should the price surpass $1.2990, it would negate the current negative outlook and possibly resume the primary bullish trajectory.
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The anticipated trading range for today is between the support level at $1.2850 and the resistance level at $1.3000.
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