The GBPUSD currency pair has been trading within a short-term downtrend, following its decline from the recent high of 1.2847. As long as the key resistance level at 1.2785 holds, market participants anticipate further downside potential, with potential targets at 1.2610, followed by 1.2500.
The ongoing downtrend suggests that sellers continue to exert pressure on the pair, leading to lower price levels. Traders should closely monitor the resistance at 1.2785, as a breakout above this level could signal a potential end to the downward move. Such a breakout could pave the way for a possible rally towards the psychological level of 1.3000.
In summary, the GBPUSD currency pair maintains its short-term downtrend from 1.2847. As long as the resistance level at 1.2785 remains intact, traders expect the downside move to continue, targeting levels at 1.2610 and 1.2500. A breakout above the resistance could signal a potential shift in market dynamics and lead to a retest of the 1.3000 level. It is essential for traders to stay informed and adapt their strategies accordingly in response to the evolving price movements of GBPUSD.
