GBP/USD on the 1-hour timeframe technical analysis check captainKey Observations:
1. Support and Resistance Zone:
The blue rectangular box indicates a consolidation range where price has been moving sideways.
The black horizontal line marks a key support level where price is expected to bounce.
2. Expected Move (Arrow Projection):
The black arrow suggests that price may dip slightly to support and then rally upward toward the upper resistance levels.
The take-profit (TP) level is placed around 1.27118, indicating a bullish target.
3. Technical Analysis:
The market has broken out of a previous uptrend channel and is currently retesting a support level.
If the price holds this support, a bullish continuation is expected.
The stop-loss (SL) is placed below the key support zone at around 1.25475, minimizing risk.
Conclusion:
Bullish Setup: Looking for a buy entry around the support zone with an expected move toward 1.27118.
Invalidation: If the price breaks below support (1.25475), the bullish outlook weakens.
Next Resistance Levels: 1.26500 → 1.27000 → 1.27118 (target).
This looks like a solid trade idea with good risk-to-reward. Are you entering this trade now or waiting for confirmation?
