GBPUSD has been stuck in a neutral gear for weeks, confined within a trading range of 1.2596 and 1.2785. Let’s explore the technicals to see where the pair might head next.
Support Levels to Watch
- Current Support: GBPUSD rests right on the initial support level of 1.2596.
- Breakdown Target: If the price breaks below this support, the next potential landing point is 1.2500.
- Further Support: Should the decline continue past 1.2500, the 1.2400 level could provide additional support.
Resistance and Potential Breakout
- Immediate Hurdle: The first obstacle for GBPUSD to overcome is the immediate resistance at 1.2670.
- Breakout Possibility: Breaching this resistance could trigger another upward move, potentially retesting the previous high of 1.2785.
Overall Sentiment
GBPUSD’s current position at the support level creates uncertainty about its future direction. A breakdown below 1.2596 could lead to further decline, while a breakout above 1.2670 might signal a return to bullish momentum.