GBPUSD is continuing the downward wave of the 4-hour bearish pattern. Also, the upper time period has daily and weekly decline waves. So, the downtrend will be a very strong pattern.
Therefore, there are four-hour supply zone, daily supply zone, and weekly supply zone where the downward wave continues, and it is possible to break through this resistance zone to turn into a short-term uptrend.
If it rebounds, there will be a retracement in the 4 hour supply zone, and even a big rise could reach the daily supply zone.
And the daily downtrend can continue.
In particular, the red circle is a very strong resistance section, and I think it will be very difficult to break through this section. If a breakout occurs, even if a retracement occurs, support must be obtained near the red circle for the second rise. If that happens, it will go through a weekly correction or monthly correction process.
Therefore, there are four-hour supply zone, daily supply zone, and weekly supply zone where the downward wave continues, and it is possible to break through this resistance zone to turn into a short-term uptrend.
If it rebounds, there will be a retracement in the 4 hour supply zone, and even a big rise could reach the daily supply zone.
And the daily downtrend can continue.
In particular, the red circle is a very strong resistance section, and I think it will be very difficult to break through this section. If a breakout occurs, even if a retracement occurs, support must be obtained near the red circle for the second rise. If that happens, it will go through a weekly correction or monthly correction process.
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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.