GBP/USD Technical Analysis – Bearish Setup Developing! 🔻
Chart Breakdown (H4):
📌 Resistance Zone (🔴 1.35800 – 1.36000):
The pair has been rejected multiple times from this strong resistance area, marked by multiple upper wicks and bearish pressure. Most recent price action shows another rejection, forming a lower high.
📌 Support Level (🟣 1.34732):
This key horizontal level has acted as a strong support multiple times (highlighted with 🟠 circles), suggesting bulls are attempting to defend this zone.
📉 Bearish Structure Formation:
Price recently tested resistance again and was rejected sharply.
A potential double-top or lower high structure is forming.
A break and close below the 1.34732 support will likely confirm bearish momentum.
📍 Next Target (🔻):
If support breaks, price may fall towards the support demand zone around 1.34150 – 1.34300, aligning with the marked red support box.
📈 Invalidation Point:
A clean breakout and hold above 1.36000 would invalidate this bearish bias and potentially signal continuation higher.
⚠️ Summary:
🔼 Resistance Rejection at 1.36000
🔽 Watching for break below 1.34732
🎯 Bearish target: 1.34300 zone
🔄 Invalidation: Break above 1.36000
Bias: 📉 Bearish Below 1.34732
Chart Breakdown (H4):
📌 Resistance Zone (🔴 1.35800 – 1.36000):
The pair has been rejected multiple times from this strong resistance area, marked by multiple upper wicks and bearish pressure. Most recent price action shows another rejection, forming a lower high.
📌 Support Level (🟣 1.34732):
This key horizontal level has acted as a strong support multiple times (highlighted with 🟠 circles), suggesting bulls are attempting to defend this zone.
📉 Bearish Structure Formation:
Price recently tested resistance again and was rejected sharply.
A potential double-top or lower high structure is forming.
A break and close below the 1.34732 support will likely confirm bearish momentum.
📍 Next Target (🔻):
If support breaks, price may fall towards the support demand zone around 1.34150 – 1.34300, aligning with the marked red support box.
📈 Invalidation Point:
A clean breakout and hold above 1.36000 would invalidate this bearish bias and potentially signal continuation higher.
⚠️ Summary:
🔼 Resistance Rejection at 1.36000
🔽 Watching for break below 1.34732
🎯 Bearish target: 1.34300 zone
🔄 Invalidation: Break above 1.36000
Bias: 📉 Bearish Below 1.34732
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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.