GBP/USD: Key Resistance in Focus
Updated
After hitting a fresh multi-month low near 1.2350 on Thursday, GBP/USD underwent a technical correction and closed in positive territory on Friday. By early Monday, the pair benefited from improved risk sentiment and continued climbing towards 1.2500, though it quickly faced resistance at the upper boundary of the current ascending channel.
If GBP/USD successfully breaks above the channel, it could see further gains, targeting the resistance zone at 1.2710. On the other hand, sell strategies remain favored as the Bears effectively defend this price channel, with the lower boundary of the descending channel serving as the primary target.
If GBP/USD successfully breaks above the channel, it could see further gains, targeting the resistance zone at 1.2710. On the other hand, sell strategies remain favored as the Bears effectively defend this price channel, with the lower boundary of the descending channel serving as the primary target.
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