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GBPUSD Technical Analysis - The sellers remain in control

Examining the daily chart reveals a potential bottoming pattern for GBPUSD, hovering near the critical support level at 1.2593. However, it's important to note that the prevailing bias remains bearish, substantiated by a pattern of lower lows and lower highs, along with the moving averages crossing in a downward direction.

Nonetheless, buyers seem to be finding support at this critical level, positioning themselves with a well-defined risk management strategy just below it, all with the aim of targeting the 1.3141 high.

Conversely, sellers may be inclined to rely on the presence of the red 21-day moving average as a potential pivot point for further downward movement, potentially breaching the support zone.

Examining the 4-hour chart reveals a notable price rejection at the intersection of the downward trendline and a preceding swing level. Interestingly, the support zone continues to be vigorously defended by buyers.

In the event of a breakthrough above the trendline, it's likely to pave the way for further upward momentum. In this scenario, buyers could have their sights set on the initial target of 1.28 resistance, and potentially even a breakout beyond that level.


Head Trader

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