GBPUSD Eyes Key Levels as Bulls Gain Momentum
Solid ECN – The GBPUSD currency pair broke out of the descending trendline and the 1.2590 barrier. The bulls will likely target 1.263 this week, and if this level is breached, the path to 1.2708 will be paved.
If the price dips to 1.2590 support, there is a buying opportunity. This level offers a decent bid to join the bull market. Therefore, traders and investors should monitor this level closely if the price bounces.
The 61.8% Fibonacci level plays a pivotal role between the bear and bull markets. Should this level be breached, the bull market would be invalidated, and the bearish trend beginning from 1.263 will likely continue with the ascending trendline as the initial target.