GBPUSD has encountered resistance near 1.29458, forming a triple-top pattern. A sustained break above this level is needed to potentially reach 1.3000 and between 1.3044 to 1.3058.
Support is identified between 1.28306 and 1.2843. A drop below this zone could indicate a shift towards bearish momentum, focusing attention on the 200-day moving average located at 1.27896.
If the price falls below this average, further declines may follow. The pair remains technically bullish above 1.2830, but failure to clear the resistance at 1.29458 may lead sellers to explore lower levels.
Key Resistance And Triple Top Pattern
The previous section outlines key price levels shaping sentiment in the foreign exchange market. Resistance has formed around 1.29458, where a triple-top pattern suggests repeated rejection at this level. This means buyers have attempted multiple times to push the price higher, only to be met with selling pressure. Until this level is firmly broken, upward movement remains uncertain. Should it give way, attention would likely turn towards 1.3000 and beyond, with possible targets between 1.3044 and 1.3058. A move beyond these figures could reinforce bullish sentiment.
On the downside, a support range has been established between 1.28306 and 1.2843. A decline below this zone would indicate increasing downside momentum. More importantly, the 200-day moving average sits at 1.27896, a level watched by market participants as a broader gauge of trend direction. If this average fails to hold, further weakness may be seen, placing downward pressure on price action.
Market Sentiment And Price Action
For now, the pair remains in an upward trend above 1.2830, but failure to clear resistance at 1.29458 keeps sellers active. Those looking for higher prices must see a sustained move past this hurdle, while trading below support may shift sentiment in favour of further declines. The coming sessions require attention to these levels as the battle between buyers and sellers continues.
