GBP holds above support 30/1/2025

The technical outlook remains unchanged for the third consecutive session, with the British pound maintaining its gains against the US dollar after forming a support base at 1.2410.

Technical Outlook:

• The pair continues to trade above the 50-day simple moving average.
• Support at 1.2410 remains intact, reinforcing bullish momentum.

Key Levels to Watch:

• Bullish Scenario:
  • Price stability above 1.2475 may extend gains toward 1.2505 and 1.2550.
• Bearish Scenario:
  • A break below 1.2410, and more importantly 1.2370, could trigger a decline toward 1.2330.

Market Risks & Upcoming Data:

• The European Central Bank’s monetary policy statement, interest rate decision, and President’s press conference could lead to high volatility in the forex market.

Risk Warning: The market remains vulnerable to geopolitical uncertainties, making all scenarios 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.

S1: 1.2405	R1: 1.2475
S2: 1.2370	R2: 1.2505
S3: 1.2330	R3: 1.2550