GBPUSD continues to experience downside pressure after retreating from its recent high at 1.3141, as the bears exert their influence on the currency pair. The market sentiment remains bearish, and further declines are anticipated in the coming sessions.
Downside Extension and Support Target:
The bearish momentum in GBPUSD persists as the currency pair extended its downward move to as low as 1.2839. With the ongoing bearish sentiment, traders are now eyeing the next potential support level at 1.2800. A break below this psychological support could pave the way for further declines, with the next target seen at 1.2750.
Immediate Resistance and Reversal Potential:
In the face of the current downtrend, GBPUSD has an immediate resistance level at 1.2965. For a potential reversal in the short term, the bulls would need to push the price above this resistance level. A convincing breakout above 1.2965 could signal a shift in market sentiment, leading to a potential retest of the previous high at 1.3141.