The GBP/USD currency pair has found solid support at the previously breached resistance of the bearish channel, which suggests the potential for a continuation of the downtrend. This move is being influenced by the completion of a head and shoulders pattern, with the next bearish target now set at $1.2400.
The bearish outlook remains intact unless the pair breaks above the $1.2566 level, followed by a sustained move above $1.2605.
Expected Trading Range:
Support: $1.2390
Resistance: $1.2545
Trend Forecast: Bearish
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