GBP/USD Struggles Below 1.2600
GBP/USD remains under pressure below the 1.2600 mark but has managed to hold above 1.2500 after a sharp decline from its early-November highs near 1.3000. The pair recently hit a six-month low of 1.2487, marking a significant 7% drop from its September peak at 1.3434.
In the short term, bullish traders hope the U.S. Dollar's current strength will wane, creating opportunities for a rebound toward the 34 and 89-day EMAs near 1.2840. Meanwhile, long-term bears are eyeing a continuation of the downtrend, aiming to push GBP/USD lower to retest 2024's lows at 1.2300.
The next moves will depend heavily on shifts in market sentiment and broader dollar dynamics, with both bulls and bears poised for action.
In the short term, bullish traders hope the U.S. Dollar's current strength will wane, creating opportunities for a rebound toward the 34 and 89-day EMAs near 1.2840. Meanwhile, long-term bears are eyeing a continuation of the downtrend, aiming to push GBP/USD lower to retest 2024's lows at 1.2300.
The next moves will depend heavily on shifts in market sentiment and broader dollar dynamics, with both bulls and bears poised for action.
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