04.12.2023 06:15 AM
GBP/USD H4 | Falling to support level?

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The GBP/USD chart is indicating the potential for a bearish reversal, with significant support and resistance levels shaping its prospective direction.

Resistance Levels:

The 1st resistance at 1.27265 is characterized as "Multi-swing high resistance." This level acts as a substantial barrier to any potential upward price movement, making it a key consideration for traders. Additionally, the 2nd resistance level at 1.28152 is identified as "Swing high resistance," reinforcing its role as a significant resistance zone due to its alignment with key technical levels.

Support Levels:

On the support side, the 1st support level at 1.26106 is labeled as "An Overlap support." This level implies a zone where buying interest may emerge, potentially acting as a safeguard against further declines. Complementing this, the 2nd support level at 1.25628 is characterized as "Pullback support," indicating its potential to stabilize price movements.

Dean Leo,
Analytical expert of InstaForex
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