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

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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
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