GBP tests support 11/2/2025

The British pound traded in a narrow sideways range against the U.S. dollar, fluctuating between 1.2310 (support) and 1.2410 (resistance) during the previous session.

Technical Outlook:

• The pair is trading below the simple moving averages, exerting downward pressure on the price.
• Bearish Scenario:
  • A clear break below 1.2310 could confirm a downtrend, with initial targets at 1.2295 and 1.2250.
• Bullish Scenario:
  • If the price stabilizes above 1.2410, it could trigger a short-term recovery, targeting 1.2455 and 1.2485.

Market Risks & Considerations:

• Federal Reserve Chairman Jerome Powell’s testimony today could cause high volatility in GBP/USD movements.
• Ongoing trade tensions contribute to elevated risk levels.

⚠ Risk Warning: The market remains uncertain, and all 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.

S1: 1.2330	R1: 1.2405
S2: 1.2295	R2: 1.2455
S3: 1.2250	R3: 1.2485