GBPUSD recently emerged from a period of sideways consolidation, confined within the 1.2615 to 1.2817 trading range. However, the currency pair has since ventured below the critical 1.2615 support, extending its descent from the 1.3141 peak to as low as 1.2547.
In the foreseeable future, we can anticipate the continuation of this downward movement, with the next significant target situated around the 1.2500 region.
For traders keeping a close eye on the immediate horizon, resistance can be found at the 1.2655 level. Should this barrier be surmounted, it may trigger another ascent, potentially testing the pivotal 1.2817 resistance. However, it’s essential to emphasize that only a decisive breakthrough above this level would suggest the conclusion of the ongoing downtrend.
In summary, GBPUSD has transitioned from a period of consolidation to a renewed downtrend, and its future course will be shaped by the interaction between key support and resistance levels, offering traders ample opportunities to gauge potential price movements.