GBP/USD Testing Crucial Support at 1.304 – Will It Hold?
11 October 2024
In today's analysis of the British Pound to American Dollar (GBP/USD), we can observe key levels in action as the price currently tests a significant horizontal support level at 1.304, marked with green. This level previously acted as resistance in mid-July before being broken in late August and then tested as support in mid-September. Now, the price is once again challenging this crucial support.
A bounce from this level, followed by a break above the black downtrend line, would indicate a bullish reversal, signaling a strong buy opportunity. On the contrary, if the price closes below the green support level today, it would trigger a clear sell signal, as the market would be expected to push lower. Traders should closely monitor price action around these levels to determine the next significant move in this pair.