01.12.2023 08:57 AM
GBP/USD H4 | Bearish reversal?

This image is no longer relevant

The GBP/USD is currently showing potential signs of a bearish reversal, with significant support and resistance levels influencing its prospective direction.

Resistance Levels:

At 1.27311, the 1st resistance level is recognized as "An Overlap resistance." This level acts as a substantial barrier to any potential upward price movement, making it a critical consideration for traders. Additionally, the 2nd resistance level at 1.28031 is categorized as "An Overlap resistance," further underlining its importance as a significant resistance zone.

Support Levels:

On the support side, the 1st support level at 1.26372 is labeled as "Pullback support." This level implies a zone where buying interest may emerge, potentially serving as a safeguard against further declines. In addition, the 2nd support level at 1.25360 is supported by "An Overlap support," signifying the convergence of multiple indicators or factors, strengthening its role as a substantial support zone.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback