Earlier today, GBPUSD moved above a swing zone between 1.2830 and 1.2845, marking a significant technical shift. This break reintroduced the pair into a previous consolidation range that spanned from October 16 to November 12, 2024. During that period, prices fluctuated between 1.2830 and 1.3060 before ultimately breaking lower. With the pair now back inside that range, buyers have gained the upper hand in the short term.
However, failure to hold above 1.2830-1.2845 could signal a false breakout, shifting momentum back in favor of sellers. As price action unfolds, traders will closely watch whether GBPUSD can sustain its gains or if selling pressure emerges at key resistance levels.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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