GBP/USD – Bearish Structure with Possible Short-Term Pullback📊 GBP/USD – Bearish Structure with Possible Short-Term Pullback
Timeframe: 30-Minute | Date: July 29, 2025
Price action recently broke down from a well-respected ascending channel, confirming a shift in market structure with a Change of Character (CHOCH) followed by a Break of Structure (BOS). Since then, GBP/USD has been respecting a descending trend channel, forming consistent lower highs and lower lows.
🔍 Current Setup:
Price is testing a major support area around 1.3300–1.3320.
A minor pullback is expected as indicated by the bullish wick rejections.
However, the overall bias remains bearish unless we break and hold above the 1.3353–1.3406 resistance zone and the descending trendline.
The Ichimoku Cloud and Supertrend both show bearish momentum.
📈 Potential Scenario:
Price may bounce from the support area and retest the upper boundary of the descending channel before resuming the bearish trend.
⚠️ Key Levels to Watch:
Resistance: 1.33530 / 1.34063 / 1.34738
Support: 1.33200 / 1.33000
💡 Structure Notes:
CHOCH = Trend Reversal Signal
BOS = Confirmation of Downtrend
Cloud = Dynamic Resistance
