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GBPUSD: Bearish Momentum Targets Lower Levels
The GBPUSD pair is currently trading around 1.2530 and continues to maintain its bearish trajectory within the downward channel on the daily chart.
Price action shows consistent rejection from the previous support zone (now acting as resistance) in the 1.2650 - 1.2780 region. With the trendline and moving averages EMA 34 and EMA 89 acting as dynamic resistance, the pair appears set for further declines.
The next significant support levels are around 1.2400 and 1.2200, which align with the lower boundary of the channel. A breakout below these levels could pave the way for a deeper bearish move, potentially targeting 1.2000 in the coming months.
Price action shows consistent rejection from the previous support zone (now acting as resistance) in the 1.2650 - 1.2780 region. With the trendline and moving averages EMA 34 and EMA 89 acting as dynamic resistance, the pair appears set for further declines.
The next significant support levels are around 1.2400 and 1.2200, which align with the lower boundary of the channel. A breakout below these levels could pave the way for a deeper bearish move, potentially targeting 1.2000 in the coming months.
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