The GBPUSD currency pair has successfully reached the previously anticipated target level at 1.2505. Today, it has commenced trading with an additional bearish bias, breaking below this level. This development reinforces the prevailing expectation of the continued dominance of the bearish trend, with further downward objectives in sight, particularly around the 1.2395 mark.
Consequently, the bearish bias is expected to persist in the near future, guided by the confines of a bearish channel evident on the chart. It is essential to note that a failure to consolidate below 1.2505 could potentially trigger a reversal of this bearish sentiment, leading to intraday recovery attempts and the formation of an upward trajectory, with initial targets around the 1.2625 areas.
The anticipated trading range for today lies between the support level at 1.2400 and the resistance level at 1.2560.
As of now, the prevailing trend for today remains bearish, contingent upon the ability to sustain trading below 1.2505.