GBPUSD Analysis – January 8, 2024

The GBPUSD currency pair attempted to break below the 1.2610 support level but failed and rebounded to 1.2770. This rebound suggests potential strength in the pair.

A further rise to test the 1.2827 resistance level could be expected in the coming days. If the price manages to break above this level, it could trigger a further upside move towards the 1.2950 area. Traders should closely monitor the price action around these levels for potential bullish momentum.

On the downside, immediate support is identified at 1.2655. A breakdown below this level could bring the price back to retest the 1.2610 support. Traders should watch for any signs of bearish pressure and adjust their strategies accordingly.