The GBPUSD price showed notable bearish movement yesterday, successfully breaking through the 1.2655$ support level and maintaining its position below it. This reinforces expectations for the continuation of the bearish trend in both the intraday and short-term periods, with an initial target of 1.2566$. A break below this level would push the price further down within the bearish channel, potentially reaching 1.2400$.
Staying below the 1.2655$ level remains a key factor for the continuation of the decline. However, breaching this level could lead to a test of key resistance zones between 1.2705$ and 1.2735$, potentially delaying further negative movement.
The expected trading range for today is between 1.2550$ support and 1.2700$ resistance.
Trend Forecast: Bearish
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