The GBPUSD pair has experienced an extended downward movement, reaching as low as 1.2590 from its previous high at 1.2847. This decline suggests that the bearish sentiment remains strong, and additional downside potential may be anticipated in the coming days.
Traders and market participants are now closely monitoring the next target level for GBPUSD, which is set at the 1.2520 area. This level is expected to act as a significant support zone and could attract buying interest or potentially slow down the selling pressure. However, if this support level is breached, it would pave the way for further declines in the pair.
On the upside, GBPUSD faces resistance levels at 1.2690 and 1.2758. Only a decisive break above these levels would signal a potential reversal or a shift in market sentiment. Such a breakout could ignite renewed buying interest and potentially lead the pair towards retesting the previous high at 1.2847.
In summary, GBPUSD continues its downward trajectory, with further declines expected in the near term. The next target level for the pair is located at 1.2520, and a breach of this support level could lead to additional downside momentum. Resistance levels at 1.2690 and 1.2758 act as hurdles for any potential upside move. Traders should remain vigilant and adapt their trading strategies based on the evolving market dynamics and key developments impacting GBPUSD.
