In today’s midday update for the GBP/USD currency pair, we observe that the pair has recently tested a crucial support level at 1.2115. However, it hasn’t managed to break below this level, resulting in a consolidation phase. Currently, the pair remains range-bound between two significant levels: the mentioned support at 1.2115 and the resistance at 1.2175.
This consolidation has kept the market in a neutral stance, and the next decisive move will depend on whether the price manages to break above the resistance or below the support level. Traders and investors are closely monitoring these key levels for potential breakout opportunities.
For a more detailed analysis of the expected targets following a breakout, please refer to our morning report.
In summary, the GBP/USD pair is currently trading within a range, with support at 1.2060 and resistance at 1.2250. The overall trend remains neutral, with the potential for a significant move pending a breach of either support or resistance. Traders should stay vigilant for potential trading opportunities.