GBPUSD has experienced a notable breakthrough as it surpassed the key resistance level at 1.2758. This bullish move suggests a potential continuation of the upward momentum, with traders anticipating further gains in the near term. As the pair aims higher, the next target to watch for would be at 1.2842.
The breakout above the resistance level signifies an increase in buying pressure and a potential shift in market sentiment. It indicates that bullish forces are gaining strength, potentially propelling GBPUSD to higher levels. Traders will closely monitor price action to gauge the sustainability of this upward move.
In terms of support, the immediate level lies at 1.2657. This level, now acting as a critical support zone, will be closely watched for any potential pullbacks. A breakdown below this level could temporarily halt the upward momentum and bring the price back towards the 1.2590 area. Further downside pressure may target the 1.2520 region.
In conclusion, GBPUSD has broken above the resistance at 1.2758, indicating further potential upside movement. The next target to watch for is at 1.2842. However, traders should monitor the support level at 1.2657, as a breakdown could lead to a retest of lower levels. Keeping an eye on market developments and considering relevant factors will help traders make informed decisions in navigating the GBPUSD currency pair.
