During the midday trading session, the GBPUSD pair has entered a period of sideways movement, deviating from the previously breached resistance within the bearish channel. This divergence serves to reinforce expectations of a sustained bullish trend in the coming sessions. As a result, the path appears to be clear for the pair to test the 1.2297 level.
The upward momentum is supported by the presence of the EMA50, bolstering the validity of this anticipated ascent. However, it’s crucial to keep in mind that this bullish outlook remains intact unless the price breaks below 1.2145 and manages to hold below this level.
In terms of trading expectations for the remainder of the day, we anticipate a range-bound movement with support at 1.2120 and resistance at 1.2280.
Today’s Expected Trend: Bullish