The GBPUSD pair continues to exhibit a bearish bias, steadily approaching our anticipated target at 1.2200. Our outlook supports further downward momentum, with additional targets in the vicinity of 1.2135.
This bearish move aligns with the EMA50, which is providing support for the bearish wave. The price movement remains confined within a bearish channel as depicted on the chart. It’s important to be aware that a breach of the 1.2310 level would halt the current bearish trend, potentially leading to some intraday bullish correction.
For today’s trading, the expected range is bounded by support at 1.2150 and resistance at 1.2300.
To summarize, the GBPUSD pair is sustaining its descent, and we anticipate further bearish movement. However, it’s worth noting that a breach of 1.2310 could trigger intraday bullish corrections.