GBP/USD 1-Hour Chart Analysis: Bearish Setup with Key ResistanceGBP/USD 1-Hour Chart Analysis: Bearish Setup with Key Levels
Key Technical Indicators:
Current Price: $1.29427
30 EMA (Red Line): $1.29453 (Short-term trend)
200 EMA (Blue Line): $1.29351 (Long-term trend)
Key Resistance Zone: $1.29663 - $1.29851 (shaded purple)
Support & Target Levels:
TP 1: $1.29358
TP 2: $1.29153
TP 3: $1.28895
Final Target: $1.28662
Analysis:
Trend:
The price is struggling around the 30 EMA and 200 EMA, showing indecision.
The shaded resistance zone ($1.29663 - $1.29851) is a key area where sellers may take control.
Trade Setup:
Entry: Expected near $1.29663 (potential rejection from resistance).
Stop Loss: Above $1.29851 (to minimize risk if price breaks higher).
Take Profit Targets: Multiple levels, with the final target at $1.28662.
Bearish Confirmation:
If price gets rejected at resistance, a downside move toward support levels is likely.
A break below 1.29358 could accelerate selling pressure.
Conclusion:
The chart suggests a potential bearish trade setup, with resistance acting as a key rejection point.
Watch for confirmation signals at the resistance zone before entering a short trade.
A break above $1.29851 would invalidate the bearish outlook.
