GBP/USD, Technical Analysis – H4
The weakness of the bulls continues to be confirmed.
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.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.