Overall, GBPUSD is still trading above a medium-term tentative upside support line taken from the lowest point of March 2023. From the shorter-term perspective, from around mid-December, the pair is moving sideways within a range, roughly between the 1.2615 and 1.2800 areas. In order to consider the next short-term directional move, we would prefer to wait for a break through one of the sides of that range first.
A push through the upper bound of the aforementioned range, at 1.2800, may invite more buyers into the game, possibly clearing the way for GBPUSD towards higher areas. There is a good chance we might see a move towards the 1.2900 zone, however, our main target could be near the psychological 1.3000 hurdle. That hurdle is marked not far from the high of July 27th, 2023.
On the downside, a break of the lower side of the previously discussed range, at around 1.2615, could spark interest in the eyes of many more bears. GBPUSD could then travel to the 1.2500 territory, or slightly lower to the 1.2450 area. The latter one is marked by the low of November 22nd, 2023.
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