GBP/USD, Technical Analysis – H4

The weakness of the bulls continues to be confirmed. Despite the preservation of the overall upward structure (the trendline has not been broken), buyers are unable to gather enough momentum for a new impulsive upward wave. Moreover, the pair is now under direct threat of a trend reversal if support at 1.3420 is lost.

Key Levels:

□ 1.3480 — Range high

□ 1.3420 — Critical support / Trendline area

□ 1.3350 — Primary downside target

□ 1.3240 — Range low

Primary Scenario:

Decline toward 1.3350.

Alternative Scenario:

Consolidation within the 1.3240–1.3480 range.

Analyst Commentary:

Technically, the trend remains bullish, but the advantage has clearly shifted in favor of the sellers.