GBP/USD: Bearish Momentum Persists, Eyes on Key Support Levels
GBP/USD is trading near 1.2560, extending its downward trajectory after failing to break the critical resistance at 1.2685. The rejection at this level underscores persistent bearish pressure, driving the pair lower in recent sessions.
The immediate focus is on the 1.2500 support level, which may provide temporary relief. However, a decisive break below this level could pave the way for further declines toward 1.2360, a key zone where buyers might attempt to regain control.
Upside potential remains capped as long as GBP/USD stays below 1.2685. Any retracement into the 1.2600-1.2650 range is likely to attract fresh selling interest, aligning with the prevailing bearish trend. With momentum firmly favoring the downside, GBP/USD remains vulnerable to further losses, making short positions a strategic consideration.
Happy trading, and may your trades be profitable!
The immediate focus is on the 1.2500 support level, which may provide temporary relief. However, a decisive break below this level could pave the way for further declines toward 1.2360, a key zone where buyers might attempt to regain control.
Upside potential remains capped as long as GBP/USD stays below 1.2685. Any retracement into the 1.2600-1.2650 range is likely to attract fresh selling interest, aligning with the prevailing bearish trend. With momentum firmly favoring the downside, GBP/USD remains vulnerable to further losses, making short positions a strategic consideration.
Happy trading, and may your trades be profitable!
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