1-Hour Chart Analysis GBP/USD
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The 1-hour chart of GBP/USD shows a distinct bearish pennant pattern forming. The price has been consolidating within this structure, with lower highs and lower lows, indicating a potential continuation of the downward trend. The critical levels to watch are:
Resistance near 1.2720 (upper trendline of the pennant)
Support around 1.2660 (lower trendline of the pennant)
If the price breaks below the lower trendline, it may signal further bearish momentum. Conversely, a break above the upper trendline could indicate a potential reversal or a temporary bullish correction.
The 1-hour chart of GBP/USD shows a distinct bearish pennant pattern forming. The price has been consolidating within this structure, with lower highs and lower lows, indicating a potential continuation of the downward trend. The critical levels to watch are:
Resistance near 1.2720 (upper trendline of the pennant)
Support around 1.2660 (lower trendline of the pennant)
If the price breaks below the lower trendline, it may signal further bearish momentum. Conversely, a break above the upper trendline could indicate a potential reversal or a temporary bullish correction.
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