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1. Price Action & Trend
• The chart shows a strong uptrend leading into a potential reversal.
• A rising wedge pattern is drawn with two black trend lines, which is typically a bearish reversal pattern. It suggests momentum is weakening.
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2. Resistance Zone (Red Area)
• The red zone around 1.34660 is a supply/resistance area where price faced selling pressure before.
• Price touched this zone and started pulling back, suggesting sellers are stepping in again.
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3. Current Price
• The price is currently at 1.34327, just below the resistance.
• A small retracement has started.
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4. Predicted Move (Arrow & Target)
• The black arrow indicates the trader’s expectation: a pullback toward the 1.33571 support zone (blue box).
• This is a demand area where buyers could potentially step in again.
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5. Conclusion
The chart predicts:
• GBP/USD is losing momentum at the resistance zone.
• A downward move is likely.
• Target area is around 1.33571 for a potential buy-back opportunity.
This is a bearish short-term setup based on technical resistance and a bearish wedge pattern.
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.