GBP/USD, Technical Analysis – H1
Bulls failed to update the upper structural high, shifting the market into either a consolidation phase.
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.
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.