GBP/USD: Bearish Trend Remains Dominant
GBP/USD is currently trading around 1.2612, maintaining its bearish outlook as the price fails to break above key resistance zones. The pair has tested the 1.2640-1.2650 resistance area multiple times, with clear rejections indicating strong selling pressure.
The next significant zone lies at 1.2600-1.2620, which is expected to act as an immediate resistance level. If the price retests this area and fails to break higher, a continuation of the bearish trend is likely, targeting the 1.2570 level initially and potentially extending toward 1.2500.
However, if GBP/USD manages to break above 1.2620, it could revisit the upper resistance near 1.2640, creating a short-term bullish scenario. For now, sellers dominate, and a failure at current levels could provide an excellent opportunity to align with the downward momentum. Traders should monitor the 1.2600-1.2620 zone for potential short entries, with stops above 1.2645 to manage risk.
The next significant zone lies at 1.2600-1.2620, which is expected to act as an immediate resistance level. If the price retests this area and fails to break higher, a continuation of the bearish trend is likely, targeting the 1.2570 level initially and potentially extending toward 1.2500.
However, if GBP/USD manages to break above 1.2620, it could revisit the upper resistance near 1.2640, creating a short-term bullish scenario. For now, sellers dominate, and a failure at current levels could provide an excellent opportunity to align with the downward momentum. Traders should monitor the 1.2600-1.2620 zone for potential short entries, with stops above 1.2645 to manage risk.
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