GBP/USD Price Forecast: Nine-Day EMA Support Near 1.3500 Holds the Key to a Potential Breakout - CryptoRank

What the desk is arguing

The GBP/USD is at a crucial juncture, with the nine-day EMA support around 1.3500 holding significant importance for a potential breakout. Per the full note from CryptoRank, maintaining this support could catalyze upward movement in the pair, particularly if broader market conditions align favorably.

Recent price action has shown resilience around this level, with traders likely eyeing a breakout that could target higher resistance levels. A failure to hold above 1.3500, however, could lead to a reassessment of bullish positions.

Where it sits in our coverage

Our consensus target for GBP/USD is 1.075, with a range between 1.04 and 1.12. Notable firm targets include: - jpmorgan: 1.10 (Mar26) - bofa: 1.04 (Mar26)

This view aligns closely with jpmorgan, which sees potential for upward movement, while bofa presents a more cautious stance at the lower end of the range. The desk's outlook is positioned towards the upper bound of the consensus, reflecting a more optimistic view on GBP strength.

How other firms see it

Firms aligned with a bullish outlook on GBP/USD include jpmorgan and citi, both anticipating upward momentum from current levels. Conversely, bofa and hsbc maintain a bearish stance, suggesting potential downside risks if the support level fails.

Traders should also monitor the EUR/USD trajectory, as it often mirrors the Bank of England's rate path, which could influence GBP/USD movements. Additionally, shifts in market sentiment towards risk assets may impact the pair's performance.

What the calendar says

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