GBP expected to decline further 3/1/2025

The British pound faced significant losses against the US dollar, surpassing the anticipated target outlined in the previous report at 1.2400 and recording a low of 1.2355.

Technical Outlook:
Currently, intraday movements indicate stability below the key psychological resistance level at 1.2400. Additionally, the persistent downward pressure from the simple moving averages supports the likelihood of continuing the bearish trend.

As long as daily trading remains below the 1.2470 level, the bearish outlook remains dominant. The pair is expected to target 1.2300, the next official level.

Alternative Scenario:
Should the price breach and consolidate above 1.2470, the bearish scenario will be temporarily invalidated. This shift may lead to a recovery, with the pair aiming to retest the 1.2500 and 1.2540 levels.

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.

S1: 1.2320	R1: 1.2505
S2: 1.2240	R2: 1.2615
S3: 1.2130	R3: 1.2690