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The British pound continued its bearish momentum against the US dollar, aligning with previous expectations after encountering resistance at 1.3100, which pushed it toward the target of 1.3000, recording a low of 1.2993.
Today, the bearish trend is expected to persist, supported by the simple moving averages applying downward pressure and the price stabilizing below 1.3070. The next target is 1.2955, with further losses anticipated if the price breaks below this level, opening the path toward 1.2910. A break below 1.2900 would likely accelerate the decline, bringing 1.2860 into focus.
However, if the pair consolidates above 1.3070, it may attempt an upward correction toward 1.3110. Despite this potential move, the overall preference remains for a bearish outlook as long as trading remains below 1.3110.
Warning: The risk level is high due to ongoing geopolitical tensions, and all scenarios remain possible.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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