GBPUSD H4 | Bearish Continuation Expected?



The GBP/USD chart currently shows a bearish momentum due to trading below the bearish Ichimoku cloud. This could lead to a continued bearish movement towards the significant 1st support level at 1.2372, which is marked as an overlap support. Additionally, the 2nd support at 1.2309 is recognized as a swing low support.

On the resistance side, the 1st resistance level at 1.2448 is a pullback resistance, possibly hindering upward movement. The 2nd resistance at 1.2533 is an overlap resistance, suggesting its potential as a point of reversal or resistance.

Analysis are provided by InstaForex.

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