The GBPUSD experienced a decline as the dollar strengthened during the London fix, with the lowest price reaching 1.23437. This level aligns with the lower boundary of a swing area between 1.2343 and 1.23603. Subsequently, the GBPUSD rebounded from this support level, now trading at 1.2365.
The support holding at 1.2343 to 1.23603 indicates its increasing significance for future price movements. Should the price fall below this level, an upward-sloping channel trendline at 1.2333 and the 38.2% retracement of the rise from the March 24 low would come into focus. Move below and selling should intensified
On the top side today, the highest price today tested the upper boundary of the channel trendline, and encountered selling pressure.
Although the overall trend this week has been upward, the GBPUSD pair has exhibited fluctuations within the channel, making these key levels essential to monitor for potential shifts in price direction going forward and into next week.
