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The British pound defied the previously anticipated bearish trend, rebounding after stabilizing above the 1.2600 psychological barrier. As highlighted in our previous report, price consolidation above 1.2600—and more importantly, 1.2610—could trigger a recovery attempt. This outlook materialized, with the pair reaching a high of 1.2726.
Technical Outlook
- Bullish Scenario: The simple moving averages are now offering positive momentum, further reinforced by bullish signals on the Relative Strength Index (RSI). As long as the pair holds above the 1.2600 support level, the uptrend is likely to continue, targeting 1.2760 as the next milestone, with potential gains extending to 1.2825.
- Bearish Scenario: A return to trading below 1.2590 could push the pair into a downward corrective phase, with an initial target at 1.2490.
Risk Warning: Given ongoing trade tensions, market conditions remain highly volatile, and multiple scenarios are 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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