In the recent market movement, GBPUSD has broken below the significant support level at 1.2938, indicating that the upward movement from 1.2612 may have reached its peak at 1.3044.
As a result, it is likely that we will see range trading between 1.2800 and 1.3044 in the coming days. This means that the currency pair is expected to fluctuate within this range without a clear trend in either direction.
However, it's important to note that as long as the support at 1.2800 holds, there is potential for the upward movement from 1.2612 to continue. In this scenario, a breakout above the resistance level at 1.2950 could signal another rise towards the previous high at 1.3044. If this level is surpassed, the next target would be the 1.3150 area.
On the downside, initial support is seen at 1.2890. If the price falls below this level, the next support levels to watch are at 1.2830 and then 1.2800.
In conclusion, GBPUSD is currently in a potential range trading phase, with key levels to watch at 1.2800, 1.2950, and 1.3044. Traders should monitor these levels closely to assess the potential direction of the currency pair in the coming days.
By ForexInflux
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