"GBP/USD in Bearish Trend: Critical Resistance Retest and Potential Continuation"
The GBP/USD currency pair is exhibiting a clear bearish trend, signaling significant downward momentum. Recently, the pair experienced a notable break below the 4-hour resistance level of 1.24846, indicating a strong shift in market sentiment. Following this move, GBP/USD is attempting to retest the 1.24846 level, which now serves as a potential area of resistance.
Should sellers maintain their control at this critical juncture, it would reinforce the prevailing bearish trend and likely prompt further declines. In this scenario, the GBP/USD pair could head towards the next support level at 1.22994. A sustained drop below this point could drive the pair further downward, potentially targeting the 1.20695 level.
Market participants should closely monitor the retest of 1.24846, as the outcome will likely dictate the near-term direction for GBP/USD. If buyers manage to reclaim this level, it could signal a potential reversal or a temporary pause in the downward trend. However, if sellers maintain their grip, the bearish trend is expected to continue, with lower levels being increasingly likely.
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Edited 24 Apr 2024, 03:44
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