The GBP/USD currency pair maintains a bullish intraday bias, supported by the longer-term prevailing uptrend. However, price action near key levels suggests potential short-term corrections before the next directional move is confirmed.
Bullish Scenario:
The key level to watch is 1.2560, which marks the February 28th swing low and serves as a pivotal support zone.
A corrective pullback toward 1.2560 could provide a buying opportunity if support holds.
A bullish bounce from this level could drive the pair toward 1.2680, followed by 1.2720, with 1.2740 acting as a longer-term resistance.
Bearish Scenario:
A confirmed breakdown below 1.2560 and a daily close beneath this level would weaken the bullish outlook.
This could trigger a deeper retracement toward 1.2520, with further downside risk extending to 1.2460 if selling pressure persists.
A sustained move below 1.2460 could signal a shift in trend dynamics, increasing the likelihood of further downside.
Conclusion:
While the broader trend remains bullish, short-term corrections are possible. A successful defence of 1.2560 could reaffirm the uptrend, while a break below this level would expose 1.2520 and 1.2460 as key downside targets. Traders should monitor price action at these levels to assess momentum shifts.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Bullish Scenario:
The key level to watch is 1.2560, which marks the February 28th swing low and serves as a pivotal support zone.
A corrective pullback toward 1.2560 could provide a buying opportunity if support holds.
A bullish bounce from this level could drive the pair toward 1.2680, followed by 1.2720, with 1.2740 acting as a longer-term resistance.
Bearish Scenario:
A confirmed breakdown below 1.2560 and a daily close beneath this level would weaken the bullish outlook.
This could trigger a deeper retracement toward 1.2520, with further downside risk extending to 1.2460 if selling pressure persists.
A sustained move below 1.2460 could signal a shift in trend dynamics, increasing the likelihood of further downside.
Conclusion:
While the broader trend remains bullish, short-term corrections are possible. A successful defence of 1.2560 could reaffirm the uptrend, while a break below this level would expose 1.2520 and 1.2460 as key downside targets. Traders should monitor price action at these levels to assess momentum shifts.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.