The GBP/USD pair has successfully reached our initial target of 1.2866$ and is currently testing this level from below, reinforcing the expectation of continued bearish correction. The next support level to watch is around 1.2735$, which is the anticipated next target.
We maintain a bearish outlook for the near term. However, if the price fails to confirm a break below 1.2866$, it could lead to a temporary rebound, with the pair potentially attempting to retest the 1.3000$ level before resuming its downward movement.
The expected trading range for today is between support at 1.2800$ and resistance at 1.3050$.
Market Trend Forecast: Bearish
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