The GBPUSD currency pair continues to exhibit stability below the 1.2625 level, with fluctuations persisting in its proximity. This behavior is consistently aligned with the established bearish channel depicted on the chart. Furthermore, it is noteworthy that the stochastic indicator is currently offering clear negative signals, further strengthening the likelihood of a resumption of the anticipated bearish trend, both in the intraday and short-term perspectives.
Recall that the subsequent target in this bearish scenario is positioned at 1.2505.
Consequently, the outlook for a bearish trend remains active and valid, bolstered by the downward pressure exerted by the EMA50 (Exponential Moving Average 50). It is imperative to emphasize the significance of remaining below the 1.2625 level to sustain the anticipated decline.
For today’s trading session, the anticipated trading range is expected to extend from the support level at 1.2520 to the resistance level at 1.2670.
In summary, the GBPUSD currency pair persists in maintaining its negative stance, marked by stability below the 1.2625 level and continued movement within the established bearish channel. The presence of clear negative signals from the stochastic indicator further reinforces the bearish outlook, with the next target set at 1.2505. The bearish scenario remains intact, contingent on remaining below 1.2625.