– Analysis & Setups on GBP/USD, EUR/GBP and GBP/JPY

In case of a bullish turnaround, the first technical ceiling to consider lies near the psychological 1.2600 mark, followed by 1.2675 . Additional gains beyond this point might shift focus to trendline resistance at 1.2735. Continuing upwards, the spotlight will fall squarely on 1.2830./GBP has been in a sustained downtrend since late December 2023, making impeccable lower highs and lower lows throughout the move, which has resulted in a ~2.5% plunge from peak to trough.

To see an improvement in the euro's position relative to the British pound in terms of market sentiment, it is crucial for the exchange rate to stay above 0.8500. If this condition is not met andslip below this region, a rapid descent toward channel support at 0.8465 may ensue. From here onwards, additional losses could direct attention to 0.8400.

On the flip side, if EUR/GBP continues to build on its rebound from Wednesday and extends higher in the coming trading sessions, the first obstacle on the road to recovery looms at 0.8570, followed by 0.8590. Above these resistance levels, the 200-day simple moving average is likely to be the next line of defense against a bullish assault.Feeling discouraged by trading losses? Take control and improve your strategy with our guide, "Traits of Successful Traders.

We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.

Source: News Formal (newsformal.com)

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