The GBPUSD rallied slightly on Monday, continuing to consolidate in the same range as the past week- trading forextrading
is very flat, indicating that the market is likely to remain in a consolidation mindset, and the range will stay the same. The upside appears limited, and the downside could see support near the 200-Day EMA and the 1.20 level. The 1.1850 level would also provide significant support, as seen multiple times in the recent past. It would take a significant amount of negativity to send this market down to that level.
Overall, the market appears to be range-bound, and investors should look for key support and resistance levels, including the 1.23, 1.24, and 1.25 levels. The 200-Day EMA provides additional support, and the 1.20 and 1.1850 levels offer further significant support. If the market breaks above the 1.25 level, it could be a bullish signal, but until then, the market may face several obstacles before gaining momentum.
I would anticipate more choppiness than anything else, but I think that’s probably going to be true with most Forex markets around the world as there is so much confusion.
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