The GBPUSD exchange rate is currently struggling to surpass the $1.2830 mark. For the price to break through this level and continue its downward trend, a negative catalyst is necessary. This bearish momentum is influenced by a recently completed double top pattern, with the next anticipated support level at $1.2780. Should the price fall below this support, it could potentially decline further to $1.2735.
Overall, the bearish trend is expected to continue unless the GBPUSD rallies and successfully breaks above $1.2880, followed by a sustained hold above $1.2945.
Today’s forecasted trading range is between $1.2770 on the downside and $1.2910 on the upside.