GBPUSD Stance: The GBP/USD pair is currently exhibiting a bullish bias despite some underlying bearish undercurrents.
Supporting Factors:
- EMA50: The 50-day EMA is acting as a temporary support for the price, preventing a steeper decline.
Bullish Case:
- Resistance: 1.2880 (upside target)
- Trend Continuation: As long as the price holds above the key levels of 1.2745 and 1.2695, the bullish outlook remains valid.
Bearish Considerations:
- Price Action: The recent weakness suggests a potential challenge to the bullish trend.
Bearish Scenario:
- Breakout: A confirmed break below 1.2695, followed by a sustained move under 1.2745, would indicate a potential trend reversal towards the bearish target of 1.2480 (previously mentioned in other analyses).
Trading Range:
- Support: 1.2730
- Resistance: 1.2880
Trend Forecast:
- Short-Term: Bullish bias (based on holding above key levels)
- Overall: Bullish with caution (depends on price action around support levels)