GBP/USD, Technical Analysis – H1
The pair is undergoing a technical pullback toward the demand zone at 1.3200, where a bullish reversal signal was previously formed.
The pair is undergoing a technical pullback toward the demand zone at 1.3200, where a bullish reversal signal was previously formed. If this pattern remains valid, we can expect a sharp rebound higher after a test of the 1.3200 level.
Key Levels:
□ 1.3200 — key demand zone and bullish reversal area
□ 1.3300 — nearest upside target
□ 1.3100 — next support on breakdown
Primary Scenario:
Touch of the 1.3200 level followed by a strong rebound toward 1.3300.
Alternative Scenario:
Breakdown below the 1.3200 support with continuation lower toward 1.3100.
Analyst Commentary:
It is advisable to wait for a clear reaction at the 1.3200 level before entering any positions. Confirmation of buyer interest in this zone will be important for the bullish scenario.
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.