GBPUSD has successfully broken above the key resistance level at 1.2758, indicating a potential resumption of the upside move from 1.2307. This breakthrough suggests a shift in market sentiment and a possible continuation of the bullish momentum in the coming days.
Traderswill now be eyeing further gains in GBPUSD, with the next target area located at 1.2847. If the upward momentum persists, the currency pair could potentially aim for the 1.2950 region, where additional resistance may be encountered.
In terms of support, the 1.2657 level is now a crucial level to watch. A breakdown below this support level could signal a retracement or temporary pause in the upward movement. In such a scenario, the price could retreat towards the 1.2590 level, with a further decline potentially targeting the 1.2520 area.
In conclusion, GBPUSD has broken above the significant resistance level at 1.2758, suggesting a resumption of the upside momentum from 1.2307. Traders may anticipate further upward movement with potential targets at 1.2847 and 1.2950. However, it is crucial to monitor the support level at 1.2657, as a breakdown could lead to a retracement towards 1.2590 and potentially 1.2520. Stay attentive to price action and key levels for trading opportunities and risk management.
