OUTLOOK 30-minute GBP/USD (British Pound / U.S. Dollar) ,

30-minute GBP/USD (British Pound / U.S. Dollar) , using data from the FXCM exchange.



Chart Breakdown

1. Entry Zone:

• The price has entered a marked entry zone around 1.2960 - 1.2980.

• The chart suggests a bearish rejection from this area, indicated by the downward projection.

2. Trend & Pattern:

• A rising wedge pattern was formed earlier, which has now broken down.

• This breakdown signals a potential bearish move ahead.

3. Support & Resistance Levels:

• Current resistance: Around 1.2980 (price struggling to break above).

• First support target: Near 1.2908 - 1.2909.

• Second support target: Around 1.2873 - 1.2853, which aligns with a major demand zone.

4. Projected Move:

• If the price fails to reclaim 1.2980, a drop toward 1.2909 is likely.

• A break below 1.2908 could push the price further down to 1.2873 - 1.2853.

• The final bearish target is near 1.2835, as shown by the downward arrow.



Conclusion

This setup suggests a bearish scenario, expecting a drop if GBP/USD remains below 1.2980. The price could decline towards 1.2909, then possibly to 1.2873 - 1.2835. However, if the price reclaims 1.2980, this bearish setup could be invalidated.