GBP/USD faces resistance at 1.3000 amid range-bound trading
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The British pound (GBP/USD) remains range-bound between 1.2900 and 1.2975, with momentum indicators turning flat, suggesting limited directional bias in the near term. Despite reaching 1.2990 on Wednesday, the currency pair failed to break the key 1.3000 resistance level, confirming that further upside remains elusive for now.
Short-term price action points to continued consolidation, analysts emphasizing that a sustained move above 1.3000 is necessary for the pound to extend its upward trajectory. However, as long as GBP/USD holds above the strong support level at 1.2880, the bullish outlook remains valid, albeit with reduced conviction.
For the broader trend to shift higher, the pound must break and remain above the 1.3000 level, signaling renewed bullish momentum. Until then, GBP/USD is expected to remain in a tight trading range, awaiting fundamental catalysts such as macroeconomic data releases or central bank guidance to drive the next major move.
Traders will closely monitor U.S. dollar movements, UK economic data, and global risk sentiment for any shifts that could push GBP/USD beyond its current boundaries.
Short-term price action points to continued consolidation, analysts emphasizing that a sustained move above 1.3000 is necessary for the pound to extend its upward trajectory. However, as long as GBP/USD holds above the strong support level at 1.2880, the bullish outlook remains valid, albeit with reduced conviction.
For the broader trend to shift higher, the pound must break and remain above the 1.3000 level, signaling renewed bullish momentum. Until then, GBP/USD is expected to remain in a tight trading range, awaiting fundamental catalysts such as macroeconomic data releases or central bank guidance to drive the next major move.
Traders will closely monitor U.S. dollar movements, UK economic data, and global risk sentiment for any shifts that could push GBP/USD beyond its current boundaries.