"GBP/USD Breaks Key Support, Targeting 1.2524"
GBP/USD has broken the support at the lower channel boundary around 1.2687, signaling a shift in trend towards further downside. The pair is now targeting the next support level at 1.2524.
In the provided chart, the clear break of the 1.2687 support indicates a potential reversal in price movement. This level, which previously acted as strong support, is now turning into resistance. If the downward momentum continues, the pair is expected to decline further.
The next key target for GBP/USD is at 1.2524, in alignment with the 0.886 Fibonacci retracement level. This level may provide significant support, and if tested, we could see a market reaction at this point.
If the price fails to reclaim the 1.2687 level, the bearish trend is likely to continue towards 1.2524. A sustained break below this level could indicate further downward movement in the longer term.
Traders should be aware that the current market condition is primarily driven by technical analysis, and any major economic news or Federal Reserve policy decisions could also influence the price action.
In the provided chart, the clear break of the 1.2687 support indicates a potential reversal in price movement. This level, which previously acted as strong support, is now turning into resistance. If the downward momentum continues, the pair is expected to decline further.
The next key target for GBP/USD is at 1.2524, in alignment with the 0.886 Fibonacci retracement level. This level may provide significant support, and if tested, we could see a market reaction at this point.
If the price fails to reclaim the 1.2687 level, the bearish trend is likely to continue towards 1.2524. A sustained break below this level could indicate further downward movement in the longer term.
Traders should be aware that the current market condition is primarily driven by technical analysis, and any major economic news or Federal Reserve policy decisions could also influence the price action.
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