GBP/USD currency pair analysis

The pound against the dollar continues to move sideways, as it failed to break the 1.2200 support for the third time and rebounded upwards towards the 1.2340 resistance. Therefore, it maintains trading stability above the mentioned support level, and this reinforces the hypothesis of the bullish scenario, which is confirmed by the breach of the resistance level and is likely to extend to the 1.2500 levels.

It should be noted that breaking 1.2200 and stabilizing below it will pressure the price to turn to the downside and achieve negative targets that reach 1.2077 initially.

The expected trading range for today is between support 1.2200 and resistance 1.2370.

Support: 1.2200—1.2190—1.2150.

Resistance: 1.2280—1.2340—1.2360.

The forecast trend for today: bullish.

Author: GC
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