British Pound / U.S. DollarUpdated GBPUSD H4 | FOREX BEE
Looking at the GBP/USD H4 chart, I can identify the following key observations:
1. Trendline Resistance: The market is currently testing or approaching a key descending trendline, indicating potential resistance at higher levels.
2. Fibonacci Levels: The chart highlights the 0.5 Fibonacci retracement level near 1.2415, suggesting a possible bullish target zone if price breaks above the trendline resistance.
3. Support Zones: The red zones below, particularly near 1.2251 (0.236 Fibonacci), appear to act as important support levels where buying interest may reappear.
4. Market Scenario:
- If the price breaks above the trendline and sustains, it may move towards the next resistance at 1.2415 or higher.
- On the downside, a failure at the current level could push the market back to the support zones around 1.2250 or lower.
This setup suggests a cautious approach for now. A breakout confirmation above the descending trendline would provide a clearer signal for bullish continuation. Conversely, failure to break higher may lead to renewed bearish pressure.
1. Trendline Resistance: The market is currently testing or approaching a key descending trendline, indicating potential resistance at higher levels.
2. Fibonacci Levels: The chart highlights the 0.5 Fibonacci retracement level near 1.2415, suggesting a possible bullish target zone if price breaks above the trendline resistance.
3. Support Zones: The red zones below, particularly near 1.2251 (0.236 Fibonacci), appear to act as important support levels where buying interest may reappear.
4. Market Scenario:
- If the price breaks above the trendline and sustains, it may move towards the next resistance at 1.2415 or higher.
- On the downside, a failure at the current level could push the market back to the support zones around 1.2250 or lower.
This setup suggests a cautious approach for now. A breakout confirmation above the descending trendline would provide a clearer signal for bullish continuation. Conversely, failure to break higher may lead to renewed bearish pressure.
Note
50% Target reachedTrade closed: target reached
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Premium signals t.me/forexbee_admin ✅
My Free Telegram Channel: t.me/forexbeeofficial
website: forexbeesignals.com
My Free Telegram Channel: t.me/forexbeeofficial
website: forexbeesignals.com
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.