FX.co ★ dusty24 | GBP/USD

Regarding GBP/USD yesterday, after updating the minimum of the previous daily range, the price reversed and moved to the north due to a news-driven impulse, resulting in the formation of a full bullish candle that closed within the previous daily range. The price did not continue the global southern trend, and I believe that today buyers will take advantage of the displayed weakness and drive the price towards the nearest resistance level. In this case, I plan to focus on holding the resistance level, which, according to my analysis, is located at 1.25694. Near this resistance level, two scenarios may unfold. The first scenario involves the price consolidating above this level and further moving to the north. If this plan is executed, I will expect the price to advance towards the resistance level at 1.27094. At this resistance level, I will wait for a trading setup to form, which will help determine the next trading direction. Of course, I acknowledge that the price may be pushed further north towards the resistance level at 1.28032. Even if the outlined plan is realized, I anticipate southern pullbacks along the way, which I plan to use to look for bullish signals from nearby support levels, expecting a resumption of growth within the emerging northern trend. An alternative scenario when approaching the resistance level at 1.25694 would involve a reversal candle formation and a resumption of downward price movement. If this plan is executed, I will expect the price to return to the support level at 1.24661. Near this support level, I will continue to search for bullish signals, anticipating a price increase. While there are possibilities for reaching more distant southern targets, I am not considering them at the moment as I do not see prospects for their quick realization. In short, for today, I locally anticipate the price to continue moving north towards the nearest resistance level, and then I will assess the market situation accordingly.