30.11.2023 05:36 AM
GBP/USD H4 | Bullish toward resistance?

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The GBP/USD is currently showing potential signs of a bearish reversal, The chart is currently encountering major resistance levels, suggesting a potential bearish reversal.

The 1st resistance at 1.27311 is identified as an overlap resistance. This implies that it's a significant barrier where selling interest could intensify, potentially triggering a reversal in the GBP/USD currency pair.

The 2nd resistance at 1.28031 is also noted as an overlap resistance, further reinforcing the potential resistance factors for the currency pair.

On the support side,

The 1st support at 1.26372 is categorized as a pullback support. This suggests that it's a significant level where buying interest may emerge, potentially providing some support for GBP/USD.

The 2nd support at 1.25360 is another support level identified as an overlap support. This adds further significance to this support level, indicating it as a potential area where buyers might become active, potentially mitigating the bearish reversal.

Dean Leo,
Analytical expert of InstaForex
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