The GBPUSD pair has encountered challenges in re-entering the bullish channel, leading to a period of sideways trading in recent sessions. However, there is a notable positive momentum in the stochastic indicator, indicating the potential for a revival in the upward trajectory. The anticipated move aims to target the 1.2880 areas prominently.
Maintaining a bullish outlook for the foreseeable future, it is essential to monitor the key support level at 1.2720. A breach of this level could impede the anticipated upward movement, triggering a bearish correction on an intraday basis.
As of now, the projected trading range for the day is anticipated to fluctuate between the support level at 1.2700 and the resistance level at 1.2850.
In conclusion, the overall trend expectation for today remains bullish, contingent upon the successful breach of resistance levels. Traders and investors are advised to remain vigilant, with a particular focus on the critical support level at 1.2720 for potential shifts in market dynamics.