The GBPUSD pair is currently experiencing positive trading activity as it tests the 50-day Exponential Moving Average (EMA50), which serves as an intraday resistance level. This resistance is pivotal in maintaining the anticipated bearish correction for the near term. A break below the $1.3000 mark will signal a continuation of the bearish trend, with targets set at $1.2866 as the next significant support level.
Conversely, if the price manages to rise and surpass the $1.3120 level, it will indicate a return to the main bullish channel, effectively halting the ongoing bearish correction.
The expected trading range for today is between a support level of $1.2930 and a resistance level of $1.3090.
Trend Forecast: Bearish
Related topics: