Below is my perspective on the probable direction of GBPUSD in the coming days.
Overview On the H4 timeframe, GBP/USD remains in a bullish trend. However, on the H1 chart, the pair is consolidating within a bearish structure. Key resistance levels are observed at 1.27219 and 1.27026, with the recent high at 1.27496 marking a critical threshold for further upside movement.
Idea There is potential for a short-term rise in price, but the advance is likely to remain capped below 1.27496. The overall expectation is for the pair to break below the trendline after this upward movement. A confirmed close beneath the trendline could lead to a decline toward the 1.25400 price region, where strong support might trigger a bounce.
Additionally, earlier unusual volatility caused a sharp downward spike, but this has since eased, and momentum has weakened significantly.
Conclusion While a downward move appears probable, a break above the Friday high of 1.27496 would invalidate this bearish outlook and signal a continuation of the bullish trend.
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