GBPUSD at Key Resistance: Will Sellers Push Toward 1.24280?
GBPUSD has reached a significant resistance zone, marked by prior price rejections and strong selling pressure. This level has historically acted as a key supply area, increasing the likelihood of a bearish bounce if sellers regain control.With the price now testing this resistance, I anticipate a potential downward move toward the 1.24280 level, aligning with the broader bearish market structure. This setup suggests the possibility of a retracement after the recent upward movement.
Traders should watch for confirmation signals, such as bearish engulfing candles or rejection wicks, to validate the potential for a reversal.
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FREE Trading Signals: t.me/danielmtrading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.