GBPUSD continues to display a clear bearish structure on the 4H timeframe after breaking below a key horizontal support and the pink trendline. The pair is now attempting a retest of the resistance zone near 1.34600, which aligns with the previous support-turned-resistance and a nearby supply area. If price gets rejected here with weak bullish momentum, a strong downward continuation is likely, with the next target around 1.33170 – a zone marked by a long-term diagonal support and previous swing lows.
On the news front, the British pound is under pressure after the Bank of England (BoE) disappointed markets by holding interest rates steady at 4.25%. Meanwhile, the Federal Reserve maintains its “hawkish” stance, boosting USD strength and increasing downward pressure on GBPUSD.
On the news front, the British pound is under pressure after the Bank of England (BoE) disappointed markets by holding interest rates steady at 4.25%. Meanwhile, the Federal Reserve maintains its “hawkish” stance, boosting USD strength and increasing downward pressure on GBPUSD.
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