GBP/USD Bearish Momentum: Breakout Confirmed?
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The GBP/USD pair has been moving within a descending channel, indicating sustained bearish pressure. The recent breakout below a key support level at 1.2400 highlights the strength of sellers in this market. Moving averages on the 4-hour chart (EMA 34 and EMA 89) show a consistent downtrend, confirming the bearish sentiment.
Key levels to watch:
Immediate resistance: 1.2450, where a retest could occur.
Downside target: 1.2300 and potentially 1.2200 if bearish momentum persists.
Traders should monitor upcoming U.S. economic data, including non-farm payrolls, as it could provide further direction for this pair. If the dollar strengthens, the bearish scenario may accelerate further. Conversely, a recovery above 1.2450 would suggest potential consolidation.
Key levels to watch:
Immediate resistance: 1.2450, where a retest could occur.
Downside target: 1.2300 and potentially 1.2200 if bearish momentum persists.
Traders should monitor upcoming U.S. economic data, including non-farm payrolls, as it could provide further direction for this pair. If the dollar strengthens, the bearish scenario may accelerate further. Conversely, a recovery above 1.2450 would suggest potential consolidation.
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