GBPUSD at Key Resistance: Will Sellers Push Toward 1.24280?

5 Feb

GBPUSD has reached a significant resistance zone, marked by prior price rejections and strong selling pressure. This level has historically acted as a key supply area, increasing the likelihood of a bearish bounce if sellers regain control.

With the price now testing this resistance, I anticipate a potential downward move toward the 1.24280 level, aligning with the broader bearish market structure. This setup suggests the possibility of a retracement after the recent upward movement.

Traders should watch for confirmation signals, such as bearish engulfing candles or rejection wicks, to validate the potential for a reversal.

5 Feb

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