GBP/USD: Bearish Trend Targets Lower Levels
GBP/USD is currently trading around 1.2564, extending its bearish trend after breaking below a long-term ascending channel. The price is consolidating below the resistance zone at 1.2685, which previously served as a support level, now turned resistance. This area is critical as it aligns with the recent breakdown structure.
If GBP/USD retests the 1.2685 level and fails to break above, the bearish trend is likely to continue. The next major support lies around 1.2360, where buyers may attempt to regain control. However, a sustained bearish move could push the pair even lower.
On the upside, a break above 1.2685 could lead to a short-term recovery toward the resistance zone near 1.2880, but this remains less likely given the prevailing downtrend. Traders should focus on selling opportunities near resistance levels, with targets around 1.2360 and stops placed above 1.2700 to manage risk effectively.
If GBP/USD retests the 1.2685 level and fails to break above, the bearish trend is likely to continue. The next major support lies around 1.2360, where buyers may attempt to regain control. However, a sustained bearish move could push the pair even lower.
On the upside, a break above 1.2685 could lead to a short-term recovery toward the resistance zone near 1.2880, but this remains less likely given the prevailing downtrend. Traders should focus on selling opportunities near resistance levels, with targets around 1.2360 and stops placed above 1.2700 to manage risk effectively.
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