The GBPUSD price under the negative pressure - Forecast today - 08-05-2024

GBPUSD Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• GBPUSD price traded with clear negativity in the previous sessions, reaching 1.2480$ level
• Seems open to surpass this level and achieve more expected decline on the intraday basis
• Confirming the break will push the price towards 1.2385$ as a next negative target
• Expectation of witnessing more decline in upcoming sessions
• Failing to confirm breaking 1.2480$ will lead the price to rise again and head to test 1.2580$ initially

The GBPUSD price traded with clear negativity in the previous sessions, reaching the 1.2480$ level. It seems open to surpass this level and achieve more expected decline on the intraday basis. Confirming the break will push the price towards 1.2385$ as a next negative target. Therefore, we expect to witness more decline in the upcoming sessions. Failing to confirm breaking 1.2480$ will lead the price to rise again and head to test 1.2580$ initially.

Expected Trading Range

1. Support: 1.2400$
2. Resistance: 1.2550$

Trend Forecast: Bearish