GBP/USD, Technical Analysis – H4
The pair technically maintains its uptrend for now (valid as long as the medium-term trendline around 1.3420 remains intact).
The pair technically maintains its uptrend for now (valid as long as the medium-term trendline around 1.3420 remains intact). However, the first signs of bullish exhaustion are emerging. Bulls must break the local resistance at 1.3480, where notable profit-taking is occurring. These two levels will be the key focus for traders today.
Key Levels:
□ 1.3420 (medium-term trendline support)
□ 1.3480 (local resistance)
Primary Scenario:
Consolidation within the 1.3420–1.3480 range.
Alternative Scenario:
Breakout of the 1.3420–1.3480 range in either direction.
Analyst Commentary:
Signals of buyer weakness at the 1.3420 support will carry more weight than similar signals at the 1.3480 resistance.
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.