The GBP/USD pair has made a return to test the critical level at 1.2505. Notably, the price has recorded higher lows, signaling potential upward movements in the forthcoming sessions. A successful breach of the mentioned level could act as a catalyst, propelling the price towards the primary target at 1.2625.
Consequently, today’s outlook suggests a bullish bias, with support stemming from the positive signal generated by the stochastic oscillator. It is essential to consider, however, that a failure to breach 1.2505 could result in the resumption of the primary bearish trend, with the next downside target situated at 1.2395.
For today’s trading, the projected range is expected to span from the support level at 1.2430 to the resistance level at 1.2590. Market participants should closely monitor this range as it may provide valuable insights into potential market reversals or breakouts.
In summary, the GBP/USD pair is currently making a positive attempt, testing the key level at 1.2505. The outlook for today leans bullish, with a target at 1.2625. However, a failure to breach 1.2505 could lead to a resumption of the bearish trend, targeting 1.2395. The current trend is bullish.