Technical Analysis:
The GBP/USD pair is currently testing a significant support level at 1.2786, with the 50-period WMA (1.2834) and 200-period WMA (1.2809) positioned above, creating a bearish alignment. The consistent pattern of lower highs (LH) and lower lows (LL) further confirms the downward trend.
A successful breakdown below 1.2786 could lead to further downside targets around 1.2750 and 1.2720. Conversely, a rebound from this support may face resistance near 1.2830 and 1.2850.
Support: 🔻 1.2786, 1.2750
Resistance: 🔺 1.2830, 1.2850
Moving Averages:
📉 GBP/USD is trading below both the 50-WMA and 200-WMA, reinforcing a bearish outlook. A decisive move below the current support could amplify selling pressure.
Volume:
📊 Rising volume as GBP/USD nears this support level suggests heightened interest in the pair’s movement. High volume on a breakdown could signal further bearish momentum.
Key Levels to Watch:
Support: 1.2786, 1.2750
Resistance: 1.2830, 1.2850
Outlook:
🚩 GBP/USD is at a critical level near 1.2786. A breakdown could indicate further downside, while a strong recovery may lead to a test of the resistance levels.
Fundamental Analysis:
The GBP/USD pair remains sensitive to macroeconomic developments in the UK and US, with particular focus on interest rate expectations and economic data releases. Traders will be watching these factors closely as the pair approaches this key support level.
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