The British Pound/US Dollar (GBPUSD) pair has recently shown some interesting movements. Let’s break down what’s happening and what traders should keep an eye on.
Recent Developments
- GBPUSD has fallen below the important support level of 1.2938.
- This suggests that the upward movement from 1.2612 might have reached its peak at 1.3044.
What to Expect
In the coming days, we’re likely to see the pair trade within a range:
- Upper limit: 1.3044
- Lower limit: 1.2800
Potential Scenarios
Bullish Outlook
If the 1.2800 support holds strong:
- The upward trend from 1.2612 could continue.
- Breaking above 1.2950 might trigger a rise towards the previous high of 1.3044.
- If it surpasses 1.3044, the next target could be around 1.3150.
Bearish Outlook
Keep an eye on these support levels:
- Initial support: 1.2890
- If it breaks below 1.2890, the next support is around 1.2830.
- The final key support to watch is the 1.2800 area.
Remember, always manage your risk and stay informed about market conditions before making any trading decisions.