The GBP/USD pair has resumed its evident downward trajectory, successfully surpassing our initial target at 1.2625 and settling below it. This confirms the ongoing dominance of the bearish trend on both intraday and short-term timeframes, which is structured within a bearish channel as depicted on the chart. Our subsequent target now stands at 1.2505.
The EMA50 continues to lend support to this anticipated bearish movement, and this scenario will persist unless a breach of 1.2625 occurs, coupled with a sustained position above this level.
The expected trading range for today is anticipated to fluctuate between support at 1.2500 and resistance at 1.2660, with the current trend favoring bearish sentiment.