GBPUSD Tests Key Support: The GBP/USD pair has reached the critical support level of 1.2580, as anticipated. A confirmed break below this level would signal a continuation of the downtrend.
Breakdown of Key Points:
- Support: 1.2580 (critical level, break confirms bearish bias)
- Resistance: 1.2650
- Target: 1.2480 (downside target if support breaks)
- Trend Forecast: Bearish (dominant on intraday basis)
Breakout Attempt: The current price action suggests a potential bearish breakout of the 1.2580 support. This could lead to further decline towards the target of 1.2480.
Alternative Scenario: If the price fails to break below 1.2580 and rebounds, it could indicate a potential reversal and the start of a bullish wave. The initial upside target in this case would be 1.2700.
Trading Range: The expected trading range for today is between 1.2530 (support) and 1.2650 (resistance).
Overall, the technical analysis favors a bearish bias for GBP/USD. A confirmed break below 1.2580 would solidify the downtrend. However, a failure to break this level keeps a potential bullish reversal in play.