GBP/USD, Technical Analysis — H1
The upward correction is developing rather unconvincingly — especially if viewed not simply as a technical retracement, but as an attempt to reverse the broader downtrend
The upward correction is developing rather unconvincingly — especially if viewed not simply as a technical retracement, but as an attempt to reverse the broader downtrend. As a result, any strong resistance is likely to trigger renewed selling pressure. The immediate resistance zone currently stands at the key pivot area of 1.3400–1.3410.
Key Levels:
□ 1.3400–1.3410 — Major resistance / pivot zone
□ 1.3350 — Nearest downside target
□ 1.3300 — Deeper support level
Primary Scenario:
Test of the 1.3400–1.3410 zone followed by a sharp reversal lower toward 1.3350.
Alternative Scenario:
Consolidation around the 1.3400–1.3410 pivot zone.
Analyst Commentary:
Bearish momentum remains dominant. This is clearly visible in the speed and dynamism with which both bullish and bearish impulses cover distance, highlighting the prevailing selling pressure.
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.