GBPUSD: What’s Next?

GBPUSD, Daily

In the daily timeframe, GBPUSD faces a support zone at the 1.2880 level, which is aligned with the 100.0 Fibonacci retracement. The RSI leaves the overbought zone and the Parabolic SAR pointed dots above the price, giving a bearish sentiment.

If the price rebounds off the 1.2880 support, it may rise to 1.2990.
However, if the asset breaches below the support, it may fall to 1.2790.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul

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