The GBPUSD currency pair finds itself at a critical juncture as it approaches the support level at 1.2391. Traders are closely monitoring this level as a breakdown below it could trigger further downside movement and potentially lead to a test of the 1.2350 support level. Should the selling pressure persist, the pair may target the 1.2280 level as the next key support.
Near-term resistance for GBPUSD is identified at 1.2483. Traders will be watching for a break above this level, as it could potentially bring a temporary relief rally. If the pair manages to surpass the 1.2483 resistance, it could then face the next hurdle at 1.2545. However, it is important to note that only a decisive breakout above 1.2545 would signal a potential completion of the ongoing downtrend that initiated from the 1.2679 level.
In conclusion, the GBPUSD currency pair is currently approaching a crucial support level at 1.2391. A breakdown below this level would reinforce the downtrend and potentially lead to further declines towards 1.2350 and 1.2280. Conversely, a break above the near-term resistance at 1.2483 would provide a temporary respite and could pave the way for a potential test of the 1.2545 resistance level. Traders should remain vigilant, adapt their strategies to prevailing market conditions, and stay informed of key developments that may impact GBPUSD.