The GBP/USD currency pair is currently experiencing downward pressure after encountering substantial resistance at the 1.2725 level. This decline is influenced by stochastic indicators showing negativity, prompting traders to exercise caution in their upcoming trading decisions. Failing to breach the 1.2700 level and consolidating below it may lead to further price depreciation, with a likely target around the 1.2625 level.
Conversely, to rekindle the anticipated bullish trend for the day, the price must successfully breach the 1.2725 resistance level. If achieved, the next target lies at 1.2825.
The expected trading range for today is anticipated to fall between the support level at 1.2650 and the resistance level at 1.2820.
The prevailing sentiment for today is leaning towards a bullish outlook.
