Bullish Setup or Bearish Breakdown Ahead?
Updated
GBPUSD - 1Hr ChartPrice: 1.26202
After analyzing the chart, we found RSI in the extreme oversold zone on higher timeframes. Currently, the price is trading above support at 1.25732, which we anticipate as a potential bullish reversal point. However, strong resistance at R1 (1.26953) may cause consolidation and pullbacks around this level. After consolidation, we expect the price to break R1, with the next resistance target at R2 (1.28174). R2 is also a strong resistance, so price may stall and pull back here as well. A breakout above R2 would target the major resistance at 1.29395.
On the other hand, if the bearish pressure persists and price breaks below support at 1.25732, a further decline could bring the price to 1.25122.
Key Levels:
Support: 1.25122
R1: 1.26953
R2: 1.28174
Major Resistance: 1.29395
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R1: 1.26953 Reached
As anticipated, the price consolidated and pulled back near the resistance level, just as we expected.
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