The GBPUSD pair remains ensnared in a sideways trading pattern, its trajectory influenced by the proximity to the EMA50. This occurrence is complemented by the discernible loss of momentum within the stochastic indicator. These factors are anticipated to serve as catalysts, encouraging the price to recommence its downward trajectory, potentially leading to the breach of the 1.2725 level and subsequently paving the way to target the initial support at 1.2625.
As such, the bearish trend scenario retains its prominence, requiring the price to remain below the 1.2825 threshold to sustain the projected decline. However, a breach of this level could signal an interruption to the ongoing bearish correction, potentially initiating an attempt to reclaim the primary bullish trend.
In terms of today’s trading prospects, the expected range spans between the support level at 1.2650 and the resistance level at 1.2800, underscoring the prevailing bearish sentiment in the market.