GBP/USD, Technical Analysis – H4
GBP/USD continues to respect its medium-term bearish structure of lower highs and lower lows while coiling inside a contracting triangle. With a still-wide range of over 150 pips, the path of least resistance remains lower, targeting 1.3350.
The pair has preserved its medium-term bearish structure, defined by a sequence of lower highs and lower lows, and has now entered a contracting triangular consolidation. Given the still-substantial range (over 150 pips) relative to the timeframe, a downside approach looks particularly attractive — both in the direction of the primary trend and from the upper boundary of the consolidation. The projected target stands at 1.3350.
Key Levels:
□ 1. Downside target: 1.3350
□ 2. Round resistance: 1.3500
□ 3. Corrective upside: 1.3550
Primary Scenario:
Transition to a decline toward 1.3350.
Alternative Scenario:
Continuation of the corrective bounce toward 1.3550.
Analyst Commentary:
An additional argument for the bears is the presence of the round 1.3500 level, below which the price is currently trading.
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.