The GBPUSD currency pair has found support in the breached resistance of the bearish channel and has initiated a bullish rebound, marking a resumption of the anticipated correctional uptrend on an intraday basis. The pair is currently eyeing the 1.2297 level as the next significant target, and a successful breach of this level could extend the bullish momentum towards the 1.2460 area in the near term.
Consequently, our outlook remains bullish for the foreseeable future, with the caveat that a break below the 1.2130 level would curtail the expected upward movement and potentially steer the price back towards the primary bearish trajectory.
Today’s expected trading range spans from the support level at 1.2140 to the resistance level at 1.2300, underscoring the prevailing bullish sentiment.
Today’s Trend Outlook: Bullish