Following its interaction with the descending trend line on the 4-hour chart, the GBPUSD currency pair experienced a sharp decline, dropping to 1.2665. There is a possibility of a further decline, testing the support level at 1.2590. If the price breaks below this level, it could potentially lead to a move towards the 1.2500 area.
Currently, there is an immediate resistance level at 1.2740, followed by another resistance level at 1.2791. Only a break above these levels would indicate that the downward movement from 1.3141 has completed, suggesting a potential shift in momentum.
The recent price action in the GBPUSD pair emphasizes the significance of these key levels. Traders are closely monitoring the developments, paying particular attention to a potential breakdown below 1.2590 or a breakthrough above 1.2791, as these moves could provide important insights into the future direction of the currency pair.
