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13.02.2024 04:38 AM
GBP/USD H4 | Bearish continue to 1st support

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GBP/USD (British Pound/US Dollar), a potential bearish scenario is indicated by the following key levels:

Resistance Levels:

The 1st resistance level at 1.2639 is identified as "An Overlap resistance," suggesting a significant barrier where selling pressure may increase, potentially leading to a downward movement in the price.

The 2nd resistance level at 1.2682 is described as "Pullback resistance," indicating another level where sellers might be active, reinforcing the bearish sentiment.

Support Levels:

The 1st support level at 1.2581 is recognized as "An Overlap support," implying a level where buying interest could emerge, potentially providing some support to the price decline.

The 2nd support level at 1.2507 is noted as "Multi-swing low support," suggesting another area where buyers might enter the market, potentially limiting further downward movement.

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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