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GBPUSD Price Confirms the Breach – Forecast for Today, July 4, 2024

by Jennifer

GBPUSD Price Analysis

Expected Scenario

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The GBPUSD price has confirmed a breakout above the $1.2700 level, closing yesterday’s trading session above this key level. This supports expectations for a bullish reversal and the formation of an upward wave targeting levels around $1.2800 and then $1.2890, primarily bolstered by its position above the 50-period moving average.

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While there are negative signals from the Relative Strength Index (RSI), indicating potential for sideways movement, the overall outlook favors continued upward momentum. It is important to note that a break below $1.2700 could halt the bullish wave and introduce renewed corrective downward pressure.

Expected Trading Range

Support: $1.2660

Resistance: $1.2835

Trend Forecast: Bullish

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