GBP/USD, Technical Analysis – H1

Bulls failed to update the upper structural high, shifting the market into either a consolidation phase or a potential downward reversal. At present, the consolidation scenario appears more probable.

Key Levels:

□ 1.3390–1.3400 — key demand zone

□ 1.3420 — upper boundary of consolidation

□ 1.3480 — next resistance on breakout

Primary Scenario:

Consolidation within the 1.3390–1.3420 range.

Alternative Scenario:

Renewed bullish attempt to break higher toward 1.3480.

Analyst Commentary:

The demand zone at 1.3390–1.3400 is of particular importance. Market reaction to this area will be key to watch.