1. Resistance Level Identified:
The red horizontal line near 1.2935 acts as a resistance zone.
Price has tested this area multiple times without breaking through, suggesting strong selling pressure.
2. Expected Reversal:
The blue zigzag pattern predicts a rejection from resistance, followed by a downward movement.
3. Bearish Target – Support Level:
The projected decline suggests a drop toward the support level near 1.2850.
The support zone is highlighted, indicating a potential area for price reaction or reversal.
Forecast:
If price continues to reject resistance, GBP/USD may decline toward 1.2850.
If resistance is broken, the bearish outlook is invalidated, and further upside movement may occur.
Upcoming economic events (marked at the bottom) could influence volatility and price direction.
The red horizontal line near 1.2935 acts as a resistance zone.
Price has tested this area multiple times without breaking through, suggesting strong selling pressure.
2. Expected Reversal:
The blue zigzag pattern predicts a rejection from resistance, followed by a downward movement.
3. Bearish Target – Support Level:
The projected decline suggests a drop toward the support level near 1.2850.
The support zone is highlighted, indicating a potential area for price reaction or reversal.
Forecast:
If price continues to reject resistance, GBP/USD may decline toward 1.2850.
If resistance is broken, the bearish outlook is invalidated, and further upside movement may occur.
Upcoming economic events (marked at the bottom) could influence volatility and price direction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.